Pension Protection Fund

Department for Work and Pensions written question – answered on 23rd February 2015.

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Photo of Nigel Evans Nigel Evans Conservative, Ribble Valley

To ask the Secretary of State for Work and Pensions, what plans his Department has to increase the Pension Protection Fund payment cap.

Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions

The Pensions Act 2014 provides for an increase to the Pension Protection Fund compensation cap of 3 per cent for each year of pensionable service above 20 years, to a maximum of double the standard cap. Changes are needed to secondary legislation before the primary legislation comes into force and we are currently aiming for this work to be completed by Autumn this year.

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