pension protection fund.

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  • #38471
    jrout
    Participant

    Hi

    We have a case where a gentlman has recently come off guaranteed credit and become a standard claim. He is in receipt of a Pension Protection Fund compensation payment that he has been receiving for unfair dismissal.

    Having checked the regs this is normally paid for circumstances where a pension fund has been wound up early. As his circumstances seem different to those in the regs, would we still treat his compensation payments as unearned income or disregard as a compensation payment.

    Any help would be appreciated

    thanks
    Jacki

    #108492
    John Boxall
    Participant

    The Pension Protection Fund website states

    In brief, the Pension Protection Fund’s main function is to provide compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover the Pension Protection Fund level of compensation.

    So I cant see that it would be making a payment for unfair dismissal.

    However see

    http://www.direct.gov.uk/en/Employment/Employees/Pay/DG_10026695

    He may be able to get payments from the liquiidator of his former employer

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

    #108518
    jrout
    Participant

    Hi

    Thanks for that, I couldn’t see why he was getting it for unfair dismissal (unless he lost out on his pension because of it) but clearly states Pension Protection Fund on the top of the statement. So think we will treat it as such, and treat as income.

    regards
    Jacki

    #108519
    John Boxall
    Participant

    Yes, either you need to get to the bottom of what it is, or just take it as income.

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

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