Altmann says this week’s Lords result is encouraging for pensioners who lost their savings before 2005, indicating they might receive the same 90 per cent minimum protection as those eligible for the PPF.
Altmann says she is unsure but hopeful regarding what to expect once the Bill passes back to the House of Commons, though general industry feeling is the amendments will be rejected.
Altmann says it would cost an extra £20m a year which, she says, is nothing to the DWP.
She says: “I am absolutely delighted the amendments were voted through but we now have to get the Commons vote as well. I hope we can get the Government to understand that they need to urgently update the FAS because it is not working. FAS members are left waiting while PPS members are all paid as though they has always been in the PPS.
“I am convinced they will have to do it in the end so why not do it now and start rebuilding confidence in pensions again.”