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1010728

	registered interest
	date	20/11/2018
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Johnston Press: Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what information she holds on the (a) number of past and present employees of Johnston Press who will be affected by its decision to transfer its pension scheme to the Pension Protection Fund and (b) potential proportionate change in the value of the pensions of those employees.
	tabling member constituency	Kirkcaldy and Cowdenbeath
	tabling member printed	Lesley Laird
	uin	193592
	answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>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.</p><p><em> </em></p><p>There are around 5,000 pension scheme members who will be affected.</p><p> </p><p>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.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 193594 question first answered 26/11/2018 12:10:29 answering member 4142 label Biography information for Guy Opperman
	tabling member	4660 label Biography information for Lesley Laird

1010735

	registered interest
	date	20/11/2018
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Johnston Press: Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	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.
	tabling member constituency	Kirkcaldy and Cowdenbeath
	tabling member printed	Lesley Laird
	uin	193594
	answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>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.</p><p><em> </em></p><p>There are around 5,000 pension scheme members who will be affected.</p><p> </p><p>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.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 193592 question first answered 26/11/2018 12:10:29 answering member 4142 label Biography information for Guy Opperman
	tabling member	4660 label Biography information for Lesley Laird