UK Money News
18th December 2007
TUC applauds Financial Assistance Scheme decision
Many workers who lost out through collapsed pensions schemes will likely welcome the most recent announcement from the government on the Financial Assistance Scheme, it has been claimed.
The Trades Union Congress (TUC) has given a "warm welcome" to the £2.9 billion "rescue package" settled on by ministers in recent proceedings.
Brendan Barber, general secretary to the TUC, stated that the help with money would be appreciated by many who lost out before the Pensions Protection Fund PPF was available to provide assistance.
"It will be the best Christmas present imaginable for the thousands of workers who lost out, but who can now look forward to some security in retirement," he said.
Mr Barber added that previous governments had avoided offering complete protection to members of salary-related pensions funds and that ministers were due praise for their efforts.
The Pension Protection Fund was established under the Pensions Act 2004 and is intended to compensate members of defined benefit pension schemes when insolvency occurs.
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