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Pension Lifeboat Fund Fights To Control Compensation

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Law360, London (May 4, 2021, 5:38 PM BST) — Britain’s lifeboat fund for pensions fought on appeal on Tuesday for the right to set how it compensates retirees whose employers have collapsed, arguing that it has the discretion to devise its own method for providing benefits.

The Pension Protection Fund, a safety net for employee pensions, told the Court of Appeal that it has the statutory entitlement, backed by recent European and English court rulings, to determine how to deliver accrued pension entitlements.

The fund’s board wants to overturn parts of a 2020 High Court decision that found its age cap on compensation was discriminatory. The statutory fund, which pays…