It has been suggested that Steve Webb may be about to announce that the fixed cap on pension benefits provided by the Pension Protection Fund is to be replaced by a cap that depends on the length of a member’s pensionable service. Commenting on the speculation, John Broome Saunders, Actuarial Director at Broadstone, said: “Whilst this is good news for longer-serving members of pension schemes, there will be pressure to avoid increasing the overall cost of the PPF – which may mean that the cap on benefits for shorter-service members could increase. It could also dramatically change the behaviour of some trustees of schemes with struggling employers. We have seen several cases where trustees who are also long-serving senior employees, have diligently tried to prevent schemes falling into the PPF, to ensure that their personal benefits are not reduced as a result of the PPF cap. If a more generous cap is to apply to such members, then their reticence to facilitate entry into the PPF may evaporate.” |
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