65,000 Face Substantial Pension Losses
65,000 pension holders are facing losses of 20% or more
1st July 2004
New research by the Department for Work and Pensions has underlined the scale of the crisis in pensions, with 65,000 people facing a loss of 20% or more of their pension through underfunding, winding up, or insolvency.
Although the government has recently announced a £400m pension compensation fund, the scale of the problem has cast doubt on whether the fund will be adequate.
Some 35,000 pension holders are likely to face losses of 50% or more.
The research was conducted to assist the government in planning how the compensation fund will work, according to Pensions Minister Malcom Wicks.
Read More: Department for Work and Pensions
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