Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsPay & benefitsPensions

Government puts central pensions scheme strategy in place

by Michael Millar 22 Nov 2004
by Michael Millar 22 Nov 2004

The Government claims a central part of its strategy to promote simplicity, security and choice in UK pensions is in place after the Pensions Act received Royal Assent on Friday.

The Pensions Act will create a Pension Protection Fund (PPF) and the establishment of a Pensions Regulator to oversee the scheme.

The £400m PPF is intended to provide better protection for the accrued rights of staff with defined benefit occupational pension schemes in organisations that become insolvent.

Alongside the PPF, the Pensions Act contains the Financial Assistance Scheme (FAS), which is designed to help thousands of workers whose pension schemes wound up with insufficient funds and an insolvent employer.

Secretary of state for work and pensions, Alan Johnson, said: “People will no longer be left high and dry if their pension scheme gets into trouble.”

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

The Act also contains simplification measures designed to help people make informed choices about when and how to save by giving workers better access to quality information in the workplace, an online retirement planner, which allows individuals to see their retirement options in a matter of minutes, and, for the first time, an opportunity to defer state pensions and receive a lump sum.

Pensions minister Malcolm Wicks said: “We have always said that people face some tough choices about what they want in their retirement. This Act helps facilitate difficult choices – making the information easier to access, more straightforward and more relevant to them. Options such as deferring your state pension will mean people can make decisions that better suit them and their lifestyle.”

Michael Millar

previous post
Four-day strike begins at Boddingtons Brewery
next post
City workers to gain bumper bonus payments

You may also like

Company director wins £15k after being told to...

4 Jul 2025

Skills shortfall in construction threatens housing target

4 Jul 2025

MPs demand Home Office tightens visas to protect...

4 Jul 2025

It’s all about the Monet: how art transforms...

3 Jul 2025

Stop chasing quick fixes: return to the office...

3 Jul 2025

Asda hails major upgrade in employees’ benefits

3 Jul 2025

100% success for latest large-scale four-day week trial

3 Jul 2025

NHS 10-year Health Plan sets out vision for...

3 Jul 2025

Microsoft to cut 9,000 jobs globally as role...

3 Jul 2025

Decline in workplace deaths: falls from height remain...

3 Jul 2025

  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+