Pension schemes share the load for consumers
www.moneynews.co.uk > Pensions > Pension schemes share the load for consumers
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Pension schemes share the load for consumers
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The Pensions Compensation Board, set up in response to the Robert Maxwell scandal, has taken the rare step of asking all the occupational pension schemes in the UK to pay a 23p per member - a total of 32.5 million.
The board's is there to pay compensation to people if money has been dishonestly taken from a company pension scheme and the employer is insolvent.
It currently has £1.9 million in its kitty, but expects to pay more than this. It would have needed to take out an overdraft without the contribution of the UK's pension funds.
The £2.5 million is needed to fund a payment to pensioners of CW Cheney & Son, a Birmingham lock-making firm, which went into liquidation in 2001.
This is the first time in seven years the board asked pension schemes to pay a compensation levy.
But this contribution will not cover the pensions due to workers at the Birmingham-based firm, which reportedly totalled £2.9 million.
Related News : Pensions |
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