Dan Jarvis – 2014 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Dan Jarvis on 2014-03-14.

To ask the Secretary of State for Work and Pensions, whether members of the Carrington Wire Pension Fund are able to access the Pension Protection Fund.

Steve Webb

The Carrington Wire Defined Benefit Pension Scheme entered a Pension Protection Fund (PPF) assessment period in February 2013.

During a PPF assessment period the PPF establishes whether the scheme can afford to secure benefits which are at least equal to the compensation that the PPF would pay. The scheme will transfer to the PPF unless it has sufficient assets to pay benefits greater or equal to PPF compensation levels or it is rescued, for instance, by another employer taking responsibility for it.