Pension campaigners are confident the amendment to the Pensions Bill creating a ‘lifeboat' compensation fund will be supported in the House of Lords later today, increasing the pressure on the Government to help the victims of failed occupational pension schemes.
The cross-party amendment, which was defeated by just 22 votes in the House of Commons in April, would create a ‘lifeboat’ fund that would initially be financed by a Treasury loan that could be repaid through the use of dormant accounts. In particular the amendment calls for the Financial Assistance Scheme (FAS) payments to be increased to the same level as the Pension Protection Fund (PPF) levels, and to establish a ‘Pensions Unclaimed Assets Recovery Agency’ within three months of the Pensions Bill receiving Royal Assent to organise the reclamation process. However, while the Governme...
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