Pension Protection Fund (Pension Compensation Cap) Order 2008 comes into force
Implementation date: 1 April 2008
The Board of the Pension Protection Fund provides compensation for members of certain occupational pension schemes in the event of the insolvency of the scheme’s sponsoring employer and where the pension scheme is underfunded at a certain level. The Order specifies the amount of the compensation cap for the purposes of the Pensions Act 2004, Schedule 7, paragraph 26(7) in accordance with paragraph 27(2) and (3) of that Schedule. The Order can be viewed on the OPSI website.