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Tuesday 2nd September 2008
News that the Pension Protection Fund has taken on another 15 insolvent pension schemes in August takes the number up to 57 from creation in 2005. The scheme is available to take on the liabilities of schemes where the employer may have gone bust or under funding is so severe that assistance is required. A total of 15,935 pensioners are now receiving their pensions from the scheme but how far can it go?
The scheme itself is funded by a levy on private sector pension schemes so really it is funded by the pensions industry as a whole. The exact amount of pension which a person will receive will depend on their particular situation, age, etc but is normally between 90% and 100% of what they should have received from their final salary scheme. It has also been revealed that a further 210 schemes are being assessed to see if they require further assistance – something which will put severe pressure on the fund if a large portion need to be rescued.
The demise of the final salary pension scheme has never been so well demonstrated as by the number of schemes which approach the PPF for assistance. |
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