You are here: Home - Retirement -

Govt must ‘right past wrongs’ to boost pension confidence

Written by:
Members of the Pensions Action Group have renewed lobbying MPs to improve their compensation package from the Financial Assistance Scheme.

Members of the Pensions Action Group have renewed lobbying MPs to improve their compensation package from the Financial Assistance Scheme.

The group – which represents the interests of 200,000 pensioners who lost out on their benefits when their employers went bankrupt before the introduction of the Pension Protection Fund – is still pushing government to increase levels of compensation pay outs.

PAG has written to the Work and Pensions Select Committee responding to its best practice in workplace pension provision inquiry.

The group said in order to restore confidence in pension saving ahead of auto-enrolment “the mistakes of the past” should be fully rectified.

It urged government to increase compensation paid out under FAS.

It said despite promises to pay 90% of expected benefits the lack of proper indexation and other “punitive clauses” mean some people get less than 50% of what they contributed towards.

PAG told the committee its members should be fully compensated for their lost pensions as they had been following government advice to save for their retirement.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Santander mortgage customers to be moved to alternative SVR

Santander mortgage customers will be moved to a new alternative Standard Variable Rate (SVR) when they come to...

Worst year on record for cash ISA returns

The average return on cash ISAs was at its lowest on record over 2017, finds the latest research from Moneyfac...

How to get your bank statements mortgage-approval ready

If you are applying for a mortgage or re-mortgage, you want to ensure your application is approved. But what m...

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Equity release set to become mainstream product

Research carried out by retirement specialist reveal that 80% of advisers new to the equity release market believe equity release...