25 April 2007
The Government has announced details of a funding review with
the aim of giving further help to people covered by the Financial
Assistance Scheme. The review will look at whether various sources
of non-public funding, which have not already been allocated, could
boost assistance levels further.
Minister for Pensions Reform James Purnell has announced that
Andrew Young, Directing Actuary of the Government Actuary's
Department, will lead the review. The review will be advised by
panel of leading experts with experience in key areas, and
reviewers will provide an initial view in the summer and a full
report by the end of the year.
James Purnell said: "The extension of the Financial Assistance
Scheme announced in the Budget means that affected people's
pensions will be topped up to 80 per cent of their core pension
expectation.
"We believe this is the right amount for the taxpayer to fund -
but we are committed to looking at other sources of non-public
funding.
"So I'm pleased to announce that the funding review, led by
Andrew Young, is now underway.
"It will look at whether better use can be made of assets in
winding-up pension schemes, and whether other sources of non-public
funding, which have not already been allocated, could boost
assistance levels further.
"The review team has already started meeting key stakeholders
and will contact others shortly to invite their contributions."
