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We protect people's pensions

We protect people across the United Kingdom who are members of 'defined benefit' pension schemes, often known as final salary schemes. We make sure members are looked after if the employer funding their pension becomes insolvent. 

As well as being responsible for the Pension Protection Fund (PPF), we are also responsible for the Fraud Compensation Fund (FCF) and we run the Financial Assistance Scheme (FAS) on behalf of the Government.

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Founded in 2005

We were set up in 2005 by the Pensions Act 2004, and we’re run by an independent Board. We report to Parliament through the Secretary of State for Work and Pensions. As a public corporation, we report to Parliament through the Secretary of State for Work and Pensions.

9.6 million people protected

9.6 million people across the United Kingdom are members of 'defined benefit' pension schemes. If the employer funding one of these pension schemes becomes insolvent, the scheme will enter an assessment period with us.  If the scheme can't provide at least the same level of compensation that we can, it transfers to us.

295,000 PPF members

Over 295,000 people already receive benefit payments from us. This is because the employer who funded their pension scheme became insolvent and there wasn't enough money to secure the current and future payments for its members.

142,000 FAS members

The Financial Assistance Scheme (FAS) provides financial assistance to people who were members of certain DB pension schemes which are ineligible for compensation from the PPF – in particular, those schemes that began winding up between January 1997 and April 2005. FAS is funded by HM Treasury rather than a levy.

To me, the PPF means security. The PPF has provided me with the confidence that a comprehensive assessment of my pension plan is being undertaken and that members will be protected to a certain defined level.

Jackie

Member of a scheme in PPF assessment, Bedfordshire

PPF Member on laptop with dog in background

 

Recent awards

Winners of the UK Pension Fund of the Year - IPE Awards 2023

Winners of the Pensions Administration Team of the Year Award - Pensions Age Awards 2023

Shortlisted for the Team of Year Award - The Pensions Management Institute Pinnacle Awards 2023

Worried about your pension?

Find out more about how we protect you if the scheme you’ve paid into fails

Who do we protect?

Everything you need to know about the type of pension schemes we protect.

How we’re funded

We raise the money we need to pay compensation to current and future PPF members, as well as for the costs of running the PPF, in four ways.