Workplace Pensions: Index Linking
The question
To ask the Secretary of State for Work and Pensions, with reference to the Work and Pensions Select Committee report entitled Defined benefit pension schemes, published on 26 March 2024, HC 144, whether her Department plans to implement pre-1997 indexation for members of the (a) Financial Assistance Scheme and (b) Pension Protection Fund.
Answered by Torsten Bell
The PPF and FAS rules on indexation have been the subject of much discussion. I am aware of the concerns surrounding the matter and understand the problems experienced by Defined Benefit pension scheme members adjusting to an income in retirement which may be less than they were expecting. I will continue to consider this issue, and the valuable report referred to (by the Work and Pensions Select Committee) and will respond fully to its recommendations in the coming months.
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