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Government to amend legislation for failed pension schemes

The Government plans to amend legislation which prevents pension schemes which failed before the Pension Protection Fund was established receiving compensation.

A DWP consultation launched on Friday reveals plans to extend the qualifying conditions of the Financial Assistance Scheme to allow members of failed schemes, such as the George and Harding pension scheme, to be covered by the regulations.

Pensions minister Steve Webb says: “It is unfair that George and Harding scheme members fell outside the pension protection regime.

“That is why we are taking action to change the FAS rules and ensure that these people get the help they need.”

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