Since the Pension Protection Fund’s doors opened in 2005, around 600 pension schemes have transferred into it, covering a membership of around 190,000. And around 90,000 pensioner members are now receiving PPF compensation.
Following the insolvency of a scheme sponsor, a scheme automatically enters the PPF and has to go through what is known as an assessment period before it is eligible to transfer.
In this week’s Pensions Week’s blog, Alan discusses the assessment process and its aim to provide certainty for members of affected schemes as quickly as possible and provide value for money for the PPF and levy payers. Click here to read Alan’s blog on Pensions Week.
“The biggest improvements will come from legacy defined benefit schemes getting their respective houses in order”