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The Court of Justice of the European Union (CJEU) has today ruled that individual members should receive at least 50 per cent of the value of their accrued old age pension in the event of employer insolvency.

The vast majority of PPF and Financial Assistance Scheme (FAS) members will already receive compensation in excess of 50 per cent of their accrued old age benefits and we expect the number of members affected by this ruling to be very small.

We have been working with the Department for Work and Pensions (DWP) about the changes that may result from this judgment. For those members affected, we will work to implement the judgment as quickly as possible.

We now need to consider the ruling carefully to understand what action we can take prior to legislative change and / or the conclusion of UK court proceedings. For FAS this will involve working particularly closely with DWP colleagues.

Individual members do not need to contact us; we will be in contact with affected members as soon as we are able about how we propose to implement changes to their benefits.