Pension Lifeboat Fund agrees to correct arrears after decision

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By Martin Croucher (March 31, 2022, 12:33 BST) – The UK Pension Protection Scheme said on Thursday it would continue paying arrears to its members after a court last year ruled that compensation cap was illegal.

The Pension Protection Fund said it would make payments as quickly as possible to those affected by the Court of Appeal ruling in July 2021.

The fund is responsible for paying pension benefits to members of defined benefit pension plans when the sponsoring employer has become insolvent. But it capped the compensation for those who have not yet reached the legal retirement age, which can vary according to…

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