Press releases and events

PPF: Thousands more people now receiving protection

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

Tuesday, 02, Sep 2008 12:00

Last month (August) 15 more schemes transferred to the Pension Protection Fund (PPF), resulting in a further 3,597 people around the UK now receiving PPF compensation – or will do so in the future.

To date:

  • 57 schemes have now transferred to the PPF

  • 15,935 people are now receiving compensation, or will receive it in the future

  • The PPF paid out almost £2.3 million in compensation this month (September)

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

  • The oldest recipient of compensation in 101, and the youngest is six.

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

    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.

    Disclaimer:
    Press releases published on this page are from key opinion formers who promote their organisation's activities by subscribing to a campaign site within politics.co.uk. politics.co.uk does not endorse, edit, or attempt to balance the opinions expressed on this page. The content of press releases are wholly the responsibility of the originating company or organisation.

    • Latest press releases

    PPF confirms levy estimate for 2009/10

    The Pension Protection Fund (PPF) today (Thursday) confirmed that it has set a pension protection levy estimate of £700 million for 2009/10.

    PPF consults on including longer term risk in levy

    The Pension Protection Fund (PPF) today (Tuesday) unveiled proposals which make the pension protection levy paid by eligible pension schemes more tailored than ever before to the individual risk those schemes pose to the PPF.

    PPF opens its doors to over a thousand more pensioners

    The PPF took five more schemes under its wing last month (October), resulting in a further 1,313 people around the UK now receiving compensation – or will do so in the future.

    PPF 7800 Index update

    We have updated the PPF 7800 Index page to show the state of defined benefit pension scheme funding as at the end of October.