New pension protection plans considered

The government is set to consider changes to its plans to protect occupational pension schemes.

The legislation is designed to protect employees in the event that the company they work for goes bust, and is not able to pay their pension in retirement.

But the plans drawn up have been modified by the House of Lords, who then sent the altered legislation back to the House of Commons.

The Lords ruled that the government firms seen as more likely to collapse should contribute 80 per cent to the pension protection fund, as opposed to 50 per cent.

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