Govt delays changes to Pensions Protection Fund payouts

Payouts limited for long-serving pension members

clock • 2 min read

Long-serving workers trapped in failed defined benefit (DB) schemes are set to lose out after the government delayed changes to the compensation amounts the Pensions Protection Fund (PPF) can pay out.

The PPF, which absorbs failed workplace DB schemes, limits the compensation it will pay to individuals with more than 20 years of pensionable service. But legislation was planned to be introduced this week, which would have improved compensation for long-serving members. Former Pensions Minister Ros Altmann (pictured) told the FT the legislation, which is ready to be implemented, has been delayed due to the recent changes in government. The government experienced a reshuffle in July after Theresa May became the new Prime Minister. Altmann resigned from her post soon after to be rep...

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