The Government is consulting on extending compensation for PPF
beneficiaries with 21 or more years' pensionable service in
schemes of insolvent employers.
Richard Harrington, the Parliamentary Under-Secretary of State
for Pensions, has announced a consultation on draft regulations in
relation to the proposed increase, which was first included in the
Pensions Act 2014.
The proposed extension will take the form of a 3% increase for
each year of pensionable service beyond 20 years, up to a maximum
amount of compensation of double the value of the standard cap
(currently, Ł33,678.38 at age 65).
If the proposed extension of compensation goes ahead, it is
expected that a similar increase will be included for schemes that
are subject to the Financial Assistance Scheme (which applies to
employer insolvencies that predate PPF coverage).
It is not proposed that either increase will be backdated.
The consultation, available
here, runs until Wednesday, 9 November.
The material contained in this article is of the nature of
general comment only and does not give advice on any particular
matter. Recipients should not act on the basis of the information
in this e-update without taking appropriate professional advice
upon their own particular circumstances.
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