The British government's Pensions Bill, published today, includes a call for a new Pension Protection Fund, similar to the PBGC, to compensate participants of traditional defined benefit and hybrid pension plans whose sponsors have gone bankrupt. The fund will be paid for with a "levy on relevant schemes," as well as "by taking in any of the sponsoring employer's remaining assets on insolvency," according to the bill.
Protection fund part of British pension proposal
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