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Financial Assistance Scheme

Volume 459: debated on Monday 30 April 2007

To ask the Secretary of State for Work and Pensions what progress has been made towards securing the unclaimed assets of (a) Legal and General and (b) the Prudential for the financial assistance scheme. (132609)

[holding answer on 19 April 2007]: On 28 March John Hutton announced a review to examine whether an alternative treatment of the residual funds in affected pension schemes and other non-public expenditure funding that have not already been allocated, could be used to increase levels of assistance above the 80 per cent. provided by the financial assistance scheme.

The review has started and is being led by Andrew Young, Directing Actuary at the Government Actuary's Department. The review team has already met some key stakeholders and will be contacting others shortly to tell them about the review and to invite their contributions. The review will provide an initial view in the summer and will then report by the end of the year.