The
recent
50
of insolvency
several
of
these funds within
has
prompted the Government to examine the framework W which they operate here in relation
to
practice elsewhere.
suffer from
We have therefore
assets
It is
is clear that our present arrangements suffer some potentially serious shortcomings. decided that a proper regulatory framework for such funds
This will ensure that should be established.
the future benefit of employees,
including their own savings, are given an adequate measure of protection. Because regulation will affect a it would be large number of employers and employees,
which
are
held for
number of employers
We
right to consult the public on the adequacy or otherwise of the rules before they are put into effect.
publish in the near future a
therefore
to intend
consultative document setting out a proposed regulatory
framework.
Next,
102.
social security provision for the elderly. Firstly, the Government propose to extend the Old Age Allowance in stages So that, instead of only applying to those over 70, it will, by 1991, apply to all those over 65. In addition, we intend, as from
from 1 April 1988, to introduce a higher rate of allowance for those over 70: it is people in that age bracket who tend to be The more frail and to have a greater need of assistance. new higher rate of allowance will be paid to all who, now get the Old Age Allowance, that is those now over the age of
170.J New applicants will however be required to make
/simple
150.
to all those
a