My pension scheme began to wind up before 6th April 2005. Will it be eligible for the Pension Protection Fund?
The Pension Protection Fund’s purpose is to pay compensation to members of eligible defined benefit occupational pension schemes where there has been a qualifying insolvency event in relation to the sponsoring employer on or after 6th April 2005 and the scheme does not have sufficient assets to meet the level of compensation offered by the Pension Protection Fund.
In the case of defined benefit occupational pension schemes which began to wind up before 6th April 2005, compensation may be available for some members from the Financial Assistance Scheme. The Financial Assistance Scheme is not part of the Pension Protection Fund. It will help some people who have lost out on their occupational pension because their scheme was under-funded when it was wound up and the sponsoring employer was unable to make up the deficit.
Published: Wednesday, April 06, 2005
Associated Subjects: Compensation;Eligibility
Associated Roles: Scheme members
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