UK - Chancellor Gordon Brown has announced a £6bn cash boost for the Financial Assistance Scheme (FAS).
Announcing the UK budget for 2007/2008, Brown said the amount of funding in the FAS would increase from £2bn to £8bn.
Referring to the cases of lost pensions much-publicised in the UK press of late, Brown also said: “All 125,000 pensioners who lost their pension will receive help.”
Further details of how the cash will be used are expected later today form secretary of state for work and pensions, John Hutton.
This comes less than a month after pensions reform minister, James Purnell, announced that the deadline for the pension schemes of insolvent companies to qualify for the FAS has been extended to 31 August 2007.
Currently the levels of benefits paid from the FAS are capped at £12,000 per year and only 871 people have received help from the FAS.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers