Pension cash hopes rise
AROUND 1,230 people who lost savings when the pension scheme of Hartlepool-based Expamet was wound up may be eligible for a pay-out.
Former staff at the building materials supply firm could qualify for the cash after Mike O’Brien, minister for pensions reform, announced that Expamet was one of six schemes to be admitted into the Financial Assistance Scheme.
Previously open only to people belonging to schemes that had gone bust, FAS will now help staff of solvent firms whose pension schemes were under-funded. Mr O’Brien said: “It’s very worrying for people when their final salary pension winds up under-funded and they don’t know how much of their pension they will receive.”
Under regulations published last month, staff will receive 90% of their pension from their normal scheme retirement age.
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