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Second Reading26 Oct 2007

Access to Pension Protection Fund Benefits Bill

social welfareeconomy
First Reading
Second Reading
Committee
Report
Third Reading
Lords
Royal Assent

Summary

This bill changes rules about who can get help from the Pension Protection Fund. The Pension Protection Fund is a safety net that helps people whose workplace pension schemes fail when their employer goes bust. The bill makes it easier for some people to claim these benefits. It removes certain barriers that currently stop eligible people from getting support. The government says this will help more workers get the pension money they were promised. The changes apply to people whose employers have failed and whose pension schemes cannot pay what was promised. The bill updates the application process and widens who can apply. It also changes time limits for making claims. These changes aim to ensure more people receive financial support when their workplace pensions fail through no fault of their own.

Key Points

  • 1Makes it easier to claim benefits from the Pension Protection Fund
  • 2Removes barriers that currently stop eligible people getting support
  • 3Applies to workers whose employers have gone bust and pension schemes have failed
  • 4Updates the application process for claiming benefits
  • 5Changes time limits for making pension protection claims

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Read the full bill on legislation.gov.uk