19.04.2024
Alan Rubenstein, Chief Executive, Pension Protection Fund (PPF) said “This settlement for the BHS pension schemes, agreed between Sir Philip, the Pensions Regulator and the trustees, with the involvement of the PPF relieves the PPF’s levy payers of the cost of meeting the initially reported shortfall.
“The Pensions Regulator will be monitoring the new scheme and members will be protected by the PPF.”
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PPF Press Office
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The Pension Protection Fund:
The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. More than 120,000 people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.
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