Workplace pension protection booklet launched
A new booklet aimed at informing workplace pension contributors about the compensation they can expect in the event of their employer declaring insolvency has been launched.
Details of how individual circumstances might be affected under these circumstances are outlined in the "easy-to-understand" document being introduced by the Pension Protection Fund (PPF).
The PPF was established in 2005 under the terms of the Pension Act introduced in the previous year and the organisation is aiming to increase consumer confidence in their workplace pension provision.
PPF chairman Lawrence Churchill commented: "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."
In addition to providing compensation for workplace pension scheme members whose employer has "gone bust", the PPF also provides a similar service for workplace pensions contributors whose funds are lost due "dishonesty".
Related Stories
This news is available in 