Members of failed occupational schemes are receiving their first payments, thanks to the Pension Protection Fund. This news is greeted with praise; by the recipients and concerns by pension experts as some of them believe it to bad news for employers.
However, Lawrence Churchill, chairman of Pension Protection Fund, has said 'we were set up to pay compensation and now we are doing so. Pensioners will feel reassured that their income comes from a trusted and reliable source'.
Our view
Our only concern, as with all the other compensation funds now, is that they are and will be abused by unscrupulous employers, trustees and pension experts.