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Occupational Pension Schemes

Volume 458: debated on Thursday 29 March 2007

15. To ask the Chancellor of the Exchequer what recent discussions he has had with the Secretary of State for Work and Pensions on the cost of compensating those affected by occupational pension wind-ups. (130453)

The Chancellor meets the Secretary of State for Work and Pensions on a regular basis to discuss a wide range of issues including, in recent weeks the Chancellor’s Budget announcement that the Government would triple the long-term money available for the Financial Assistance Scheme from £2.3 billion to £8 billion in cash terms, so that all members of pension schemes that were wound up under-funded due to employer insolvency will receive significantly more assistance from the taxpayer.