PPF vs PIPS - who will fare better?

I see the Irish Government has launched a range of measures to help employees of companies who become insolvent. Similar objectives to the PPF in the UK but the PIPS scheme seems to have come up with a slightly different solution with the Irish Exchequer taking on responsibility for paying pensions in exchange for a payment from scheme trustees with any savings over the cost of annuities used to reduce pension shortfalls for other members. Should produce some short term revenue for the beleaguered Irish Exchequer but only in exchange from some potentially toxic long term liabilities. Better or worse than the PPF – it’ll be a long time before we know!!