Pensions: Early Retirement

Lord Wade of Chorlton
asked Her Majesty's Government:

Whether it was their intention, when drafting the Pensions Act 2004 under which the Pension Protection Fund was established, to transfer all early retirees from their existing status to that of a capped deferred pensioner. [HL377]

The Parliamentary Under-Secretary of State, Department for Work and Pensions (Lord McKenzie of Luton)
Yes, the intention was to ensure that, apart from those people who retire early on grounds of severe ill health, early retirees in schemes that transferred into the Pension Protection Fund were treated no better than those who had chosen not to retire early or had not had the opportunity to do so.