PPF loophole leaves savers exposed

The director-general of Saga says a discrepancy over the definition of ‘employer' could put savers' funds at risk. She highlights the recent case of the George & Harding Group (G&H) pension scheme whose members may lose their savings as its parent company Zejwa is unable to pay them and the PPF lifeboat fund will not cover the losses. Altmann says there is a difference between a ‘sponsoring employer' and a ‘principle employer' in pensions law, which means the G&H pension is not eligible for help the company which collapsed due to the recession. The G&H pension scheme was taken-over...