Pensioners and those representing pensioner interests, be alert. Pensioners face the risk of no longer being a pension scheme priority under a Private Member's Pensions (Winding-Up) Bill which has been tabled by MPs Frank Field and Derek Wyatt.

Their bill supports the proposition that it would be fairer if the pensions shortfall misery that can accompany the winding-up of an occupational pension scheme was spread equally and priority classes abolished.

The Government pensions Green Paper also raises questions of fairness under the heading "Fairer sharing of assets".

If you are a pensioner, you may wish to ask, "Fairer to whom?" "We must be nice and give some of your cake to Johnny" is not the message you want to hear, particularly if all you have is a fairy cake.

Equally, Johnny may be able to claim he is having to pay for part of your benefit.

At the risk of over-simplification, there may be a pensioner shortfall if the scheme no longer secures annuities when a member retires.

The days of high inflation changed that practice in many pension schemes but usually leaving the downside risks for member and employer unaddressed.

However, if annuities have been secured, the pensioner part of the funding may not be the cause of the problem, so Johnny will not have paid for you.

However, under the Field-Wyatt proposal, annuities may need to be unravelled to pay for Johnny.

Changing the rules of the game against existing rights needs very careful consideration. Furthermore, the proposition embodied in the Winding-Up Bill allows some important issues to be left un-analysed which are relevant to what, if anything, can be done to improve the available security for member benefits going forward and how we address and communicate risk.

On the social impact side, the Green Paper proposals are more sympathetic than the Bill but are more complex and may adversely affect some pensioner members as well as non-pensioner members.

The Field-Wyatt proposal looks simple. There are pension scheme trustees and their advisers who are attracted to it and they may not be alone. So, if you are concerned, let your MP know.

-Wendy Ironmonger, W J Ironmonger Pensions Law, Fox Hill, Haywards Heath