DB pension schemes inquiry: Work and Pensions Committee to hold evidence session on PPF and FAS compensation funds
The Work and Pensions Committee holds a session as part of its inquiry into defined benefit (DB) pension schemes examining the Pension Protection Fund (PPF) and the Financial Assistance Scheme (FAS), which act as compensation funds for pensions which have been wound up underfunded on the insolvency of the employer.
Meeting details
Likely areas of questioning
The first panel, featuring representatives of people receiving PPF and FAS compensation, is likely to be asked about the effectiveness of the schemes and whether changes are needed, including to indexation rules and compensation levels.
The Chief Executive of the PPF and senior PPF officials will then be asked about the PPF’s funding position and the current challenges and opportunities facing DB schemes. The Committee is also likely to explore how the PPF might evolve, in particular, the proposal that it could help increase investment in UK productive finance as a public consolidation vehicle for DB schemes.
The Committee’s inquiry is reviewing DB pension schemes and the challenges and opportunities they pose to members, trustees, employers and the Pensions Regulator (TPR).