First pension payments made under new scheme

Mon, 04 Dec 2006

The Pension Protection Fund has announced that the first direct payments have been made to individuals with occupational pension schemes.

Claiming that the move is a major step forward in protecting final salary pension schemes in the UK, the body has also said that more than 90,000 members are now benefiting from the security.

Lawrence Churchill, chairman of the Pension Protection Fund, commented that pension schemes will continue to reach their assessment period in the near future, leading to a "continuous flow" of new individuals protected.

He added that those reliant on these pension contributions will be reassured that their payments are coming from a trusted provider.

Pensions minister James Purnell said: "The PPF [Pension Protection Fund] was introduced by the government to safeguard the savings of millions of people contributing to defined benefit occupational pension schemes - and these payments show it is doing just that."

The body was established to help individuals whose pension savings have been adversely affected by their employer suffering a qualifying insolvency.


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