James Purnell, Minister for Pensions Reform, has announced further details of the funding review which will look at ways to increase the assistance given to workers who lost their pensions when schemes closed under-funded.
The review was first highlighted by Purnell during the third reading of the Pensions Bill last week when the government defeated an opposition amendment to establish a ‘life boat’ scheme using unclaimed assets by just 22 votes. Purnell has confirmed Andrew Young, directing actuary of the Government Actuary’s Department (GAD), will lead the review, accompanied by a panel of advisers including experts in key areas, with the intention of providing “an initial view in the summer and a full report by the end of the year”. The Minister says: “The extension of the Financial Assistance Scheme a...
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