Surprising News on Alternatively Secured Pension

A rather surprising twist in the debate concerning continuation of Alternatively Secured Pension (ASP) came with the latest news from the Treasury on this topic. Ahead of any Pre Budget Statement from the Government, the Treasury has announced that pension scheme members who cannot be traced on their 75th birthdays will automatically have their assets turned into an ASP. This contradicts previous claims, from the Treasury, that ASPs were only intended for individuals who have principled religious objections to annuities.

A Treasury spokesman confirmed: "Where a pension scheme member still hasn't been traced by age 75 their assets remain in suspense. The suspension vehicle is an ASP." The Treasury refused to comment when asked about the religious implications of this use of ASP. The industry still awaits the Pre Budget Statement, due soon, at which it is expected the Government's intentions will become clear.