The UK government has ignored recommendations from a panel of MPs engaged to examine pension regulations by stopping short of handing an M&A veto to trustees in a package of proposed reforms.

The government's proposals, published Monday, are aimed at preventing pensioners being left penniless in the wake of corporate collapses such as the retail group BHS in 2016, or Carillion this year. But a former pensions minister slammed the package as "gesture politics" that might end up having little practical impact.