Pension Protection Fund
The question
To ask the Secretary of State for Work and Pensions, whether her Department plans to reform the Pension Protection Fund through the Pension Schemes Bill.
Answered by Torsten Bell
The Pension Protection Fund provides a safety net to members of eligible private sector defined benefit schemes in the event of their employer’s insolvency.
The Government plans to introduce measures in the Pension Schemes Bill that amend the Special Rules for End of Life in the Pension Protection Fund and Financial Assistance Scheme. These measures will extend the definition of terminal illness within both schemes, allowing eligible members to access payments sooner in their illness. We will continue to consider whether there are further opportunities for change in the pensions compensation system.
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