Pensions Fund Insolvency Lifeboat: Government Boost
Published / Last Updated on 15/01/2008
Pensions fund insolvency has been given a boost by the government for the Pensions Fund Insolvency Lifeboat fund.
The government’s extension of the pension fund wind-up lifeboat to an extra 140,000 people has been warmly greeted by the industry and welcomed by both the Association of British Insurers and National Association of Pension Funds.
The government announced it would increase assistance to 90 per cent of wind-up victims’ accrued rights to the same level of the Pensions Protection Fund and would also extend the relief to 11,000 people whose schemes were wound up by employers who qualified for solvency.
Our view
Any increase in finding or assistance is a good thing for people who may have missed out as their pension funds get into difficulty.
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