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Government Pension Review
The Minister for Pensions Reform, Mike O'Brien, has confirmed that the Government will match any additional funds identified by the Assets Review for people who lost their pensions.
Andrew Young of the Government Actuary's Department led the Asset Review which was published on Monday.
The review reported £1.7 billion of assets in occupational pension schemes that qualify for help from the Financial Assistance Scheme. It said that the current methods of each scheme may not offer the best use of these assets.
O'Brien said: "We are committing today to match the extra funds that the review identifies with a goal of moving towards 90% cent of expected core pension for all recipients.
"Those extra funds will be based on the amount of assets remaining in schemes. Trustees must continue to act in their members' best interests, but we hope they will now take the view that those interests may not be served by expending scheme assets on annuities.
"The Government will match the extra funds that the Young Review identifies as and when these are released by trustees - and we expect this to be achieved as quickly as possible."
A copy of the Assets Review interim report is available at www.dwp.gov.uk\pensionsreform\fas-asset-review.asp
Tags:
pension, money, benefit, fund, private, offset, services, state
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