The Pension Protection Fund (PPF) has paid out £1 billion in member compensation over the past financial year, as reported in its 2020/21 Annual Report and Accounts published today.
It’s not always the case that when a pension scheme’s sponsoring employer fails, and the scheme enters PPF assessment, it ends up transferring into the PPF. If the scheme has enough assets to buy higher benefits for its members than we would pay, it’ll buy out benefits outside of the PPF.
The Pension Protection Fund (PPF) has today launched a tender for a new specialist panel which will provide transaction advice to schemes in PPF assessment which are overfunded on a PPF basis (PPF+).
In July 2021 the Court of Appeal ruled the PPF compensation cap was unlawful on the grounds of age discrimination. They supported our approach to increasing payments to PPF and FAS members following the 2018 European Court of Justice judgment in the Hampshire case. We’ve been working on how to implement it.
We understand that some of our members may need extra assistance from time to time, and there are lots of ways we can help.
You need to allow cookies to view this video. Click the below link to manage your cookie settings and select "Targeting Cookies" on the left hand side.
