Pension Protection Fund has introduced a new solution to make sure that men and women who belong to pension schemes being assessed for entry into the PPF, or who are already its members, receive the same overall compensation.
By law, the Pension Protection Fund (PPF) has to ensure that equal compensation is paid to comparable male and female members of schemes whose employers have gone bust and have transferred into the lifeboat scheme.
It has now developed a PPF-specific solution to make sure men and women receive the same overall compensation where it would otherwise have been unequal due to differences in guaranteed minimum pensions.
PPF’s Director of Financial Risk, Martin Clarke, said: We believe we have come up with a workable solution tailored to pension schemes being assessed for entry into the PPF now and in the future. This is something we have to do by law.