Irwin Mitchell Responds to Gordon Brown's Amends To The Financial Assistance Scheme In Today's Budget

2007 Budget comment from Pensions Expert

Anne Taylor, Head of Pensions at National Law Firm Irwin Mitchell has responded to today's Budget:

"The Chancellor of the Exchequer Gordon Brown has today increased the amount of money available to compensate people under the Financial Assistance Scheme. Some estimates suggest this is as many as 125,000 people, whose pension schemes wound up in the period 1998-2005 without there being sufficient money to pay their pensions in full.

The increase is from £2 billion to £ 8 billion - a substantial sum. Hopefully more people will also be eligible for a payout, which is designed to top up a pension to around £12,000. Let us hope this increased amount is available quickly to help those most in need - experience to date suggests this will not be the case, as only a few people have received any compensation so far."

Press enquiries: Please click here to visit the press office

Related contact:

Anne Taylor

This news section contains stories of interest to our clients from PA Business and from publicly available news sources. Where we are representing the clients referred to in the news material we will say so. Where we do not represent individuals or bodies mentioned or quoted, the inclusion of the news story in our news section is not intended nor should it be taken to imply that we act for the individual or body concerned.

View all Case Studies