Unretired pension scheme members will soon benefit from additional protection against future scheme wind-ups when new governnment regulations come into effect in three weeks time, the DWP says.
Amendments to the Priority Order, to be implemented from 10 May, have been made to create a fairer 'deal' for working pension scheme members who face a possible wind-up, according to the Department for Work and Pensions. Pensions minister Malcolm Wicks says: "We have taken action to ensure that when a scheme is wound up, the assets are shared as fairly as possible between pensioner and non-pensioner scheme members. "Many scheme members stand to gain up to 20 per cent of their pension, so this is an extremely worthwhile interim change before the Pension Protection Fund, which will off...
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