Legislation news update
Sets out the level of the compensation cap for the Pension Protection Fund from 1 April 2009 as a result of a review under the Social Security Administration Act 1992, s 148(2) by the secretary of state of the general level of earnings in the 2007/2008 tax year. Average earnings, as measured by the Average Earnings Index and published by the Office of National Statistics, increased by 3.5% in the 2007/2008 tax year. That percentage is applied to the current compensation cap, which provides an uprated cap of £31,936.32. When applying the 90% provision to that uprated cap it will provide, at age 65, a maximum level of compensation of £28,742.69.
