Pension News New Pension Protection Plans Considered 3801060
New pension protection plans considered
05 November 2004
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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