Executives whose pensions were slashed after an UK industry lifeboat fund took over payment of their company benefits are to receive an income boost following a landmark European Court ruling.
On Thursday, the European Court of Justice upheld a challenge lodged by a UK pensioner whose retirement income was cut by two-thirds when his company pension was transferred to the Pension Protection Fund.
The PPF pays compensation to members of corporate defined benefit retirement schemes when their employer has been declared insolvent and can no longer fund pension commitments.
Annual compensation for people yet to retire is currently capped at £35,500 under PPF rules. This means that those expecting bigger pensions typically senior executiv…
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