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PPF rescues another four schemes

Pension Protection Fund logo for press releasesPension Protection Fund logo for press releases

Wednesday, 08, Oct 2008 12:00

Last month (September) four more schemes transferred to the Pension Protection Fund (PPF), resulting in a further 3,031 people around the UK now receiving PPF compensation – or will do so in the future.

To date:

  • 61 schemes have now transferred to the PPF

  • 18,957 people are now receiving compensation, or will receive it in the future

  • The PPF paid out more than £2.7 million in compensation between 2 September and the 1 October

  • The average yearly compensation is £4,700 per person

  • The oldest recipient of compensation is 103, and the youngest is six

    Details of the schemes that have transferred can be found on the PPF website on the Transferred Schemes page.

    This also includes details of schemes currently in the assessment period and those schemes that have completed assessment but have not transferred in for whatever reason.

    Ends

    Notes to editor

    1.The Pension Protection Fund was set up under the provisions of the Pensions Act 2004 in April 2005 and is classified as a public financial corporation. It has been established to pay compensation to members of eligible defined benefit and hybrid pension schemes when there has been a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.

    For further press information contact: Ana Moreno on 020 8633 4932 or Richard Hunt on 020 8633 5931/0789 425 5561.

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