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Written question asked by Lesley Laird (Labour) on Tuesday, 20 November 2018, in the House of Commons. It was due for an answer on Thursday, 22 November 2018. It was answered by Guy Opperman (Conservative) on Monday, 26 November 2018 on behalf of the Department for Work and Pensions.

Johnston Press: Pensions

Question

To ask the Secretary of State for Work and Pensions, what information her Department holds on the steps the JPI Media Board will take to mitigate pension losses and to stabilise the pension scheme for employees of Johnston Press.

Answer

The Johnston Press Pension Plan is currently in the Pension Protection Fund’s (PPF) assessment period, where it will be assessed whether the scheme’s funding level is sufficient to secure pensions to its members at least equal to the level of compensation the PPF would pay. If the scheme’s funding is not sufficient, then it will transfer into the PPF and compensation will be paid at 100 per cent for individuals over their scheme’s retirement age at the date of the insolvency, and 90 per cent of the member’s accrued benefits, subject to an overall cap for everyone else. Benefits accrued post 1997 will be linked to PPF indexation going forward.

There are around 5,000 pension scheme members who will be affected.

The Pensions Regulator and the PPF are working together with the administrators to understand the circumstances surrounding the sale and its implications for the Johnston Press Pension Plan.

Secondary information

Type
Written question
Reference
193594
Session
2017-19
Grouped for answer
Yes
Transferred
Yes
Subjects
Pensions Staff Johnston Press JPI Media
Link
View this Written question on www.parliament.uk