My announcement of 17 December extended the FAS to guarantee members of qualifying schemes 90 per cent. of their accrued pension at the date of commencement of wind-up, revalued to their retirement date, but subject to a cap of £26,000 a year.
The Pensions Bill, having its Second Reading today, would introduce a new simple, low cost personal accounts pension scheme to give those currently without access to a good quality pension scheme—in particular, low to moderate earners—the opportunity to save.