Pension Protection Fund
(asked on 10th February 2015) - View Source
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what plans his Department has to increase the Pension Protection Fund payment cap.
This question was answered on 23rd February 2015
The Pensions Act 2014 provides for an increase to the Pension Protection Fund compensation cap of 3 per cent for each year of pensionable service above 20 years, to a maximum of double the standard cap. Changes are needed to secondary legislation before the primary legislation comes into force and we are currently aiming for this work to be completed by Autumn this year.