Money News
The Pension Protection Fund has announced the launch of a new initiative - 'Protecting People's Pensions' - targeting members of work-based pension schemes throughout the country.
The initiative, in the form of a booklet - 'Help! My employer has gone bust.. and I think I might lose my pension' - explains how PPF compensation works.
Protecting People's Pensions is aimed at: raising awareness among everyone in a defined benefit pension scheme about the PPF and the protection it offers them; providing confidence that people's pensions are, for the most part, protected by the PPF; encouraging people to invest in their pensions in the knowledge that there is a PPF safety net; and helping people understand about the compensation they'll receive if their employers go bust.
The leaflet will made available to scheme members through a variety of routes including scheme trustees, the PPF website and through links with other relevant organisations, including Citizens Advice.
Chairman, Lawrence Churchill, said: "Independent research showed us that while we are communicating well with employers and trustees, many scheme members were not aware of who we are or what we do. This initiative is designed to help provide confidence to people who may be worried about losing their pensions through their employers going bust."
06 June 2007 © Moneyextra.com
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