Financial Assistance Scheme
Work and Pensions

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Photo of Derek Wyatt

Derek Wyatt (Sittingbourne and Sheppey, Labour)

To ask the Secretary of State for Work and Pensions what progress has been made towards securing the unclaimed assets of (a) Legal and General and (b) the Prudential for the financial assistance scheme.

Photo of James Purnell

James Purnell (Minister of State (Pensions Reform), Department for Work and Pensions; Stalybridge and Hyde, Labour)

holding answer on 19 April 2007

On 28 March John Hutton announced a review to examine whether an alternative treatment of the residual funds in affected pension schemes and other non-public expenditure funding that have not already been allocated, could be used to increase levels of assistance above the 80 per cent. provided by the financial assistance scheme.

The review has started and is being led by Andrew Young, Directing Actuary at the Government Actuary's Department. The review team has already met some key stakeholders and will be contacting others shortly to tell them about the review and to invite their contributions. The review will provide an initial view in the summer and will then report by the end of the year.

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