SI 2023/1309 comes into force “immediately before the end of 2023”.
According to the accompanying Explanatory Memorandum:
“The Pension Protection Fund pays compensation to members of eligible defined benefit occupational pension schemes, where the sponsoring employer became insolvent on or after 6 April 2005 and the scheme has insufficient assets to secure benefits of at least Pension Protection Fund compensation levels. This instrument ensures that Pension Protection Fund members receive compensation of at least 50 per cent of the value of their accrued pension benefits and removes references to the Pension Protection Fund compensation cap from existing legislation.”
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Pension Tax Guide is a thorough and practical guide to the complexities of the UK pension rules, and to the part they play in legitimate tax planning. Suitable for accountants, tax specialists and other finance professionals, the book is written by Katharine Lindley, a client director with EQ Investors.