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Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007

That is not right. Schemes that have become insolvent and are being wound up do of course present challenges for pensioners who were in danger of losing out, but it was this Government who put in place the protection fund and the financial assistance scheme. Indeed, this is the only Government who have acted to seek to protect pensioners in a changing environment. Other reforms that are being made to the state pension, which we dealt with earlier this year, and the plan for the second Bill, which is now in the Commons and aims to build greater trust and engagement in the occupational pension scheme, take us in the other direction. The thrust is to encourage and to help people to understand how important it is to save for their retirement and the importance of pension schemes as a key component of that.