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The Pension Protection Fund (PPF) took seven more schemes under its wing last month (February), resulting in a further 2,535 people around the UK now receiving compensation – or will do so in the future.
Gaskell Pension Scheme (Gaskell Carpets Ltd); Gaskell Pension Scheme (Gaskell Logistics Ltd); Gaskell Pension Scheme (Gaskell PLC); Gaskell Pension Scheme (Gaskell Logistics (Northern) Ltd; Gaskell Pension Scheme (Gaskell Flooring Ltd); Motor Industry Pension Plan (Lavender Hill Garage Limited Section); and Pittards Closed Scheme are the latest pension schemes to transfer to the PPF.
The website also includes details of the schemes currently in the assessment period and those schemes that have completed assessment but have not yet transferred in for whatever reason.
Facts and figures:
- 120 schemes are now in the PPF
- 36,799 people are now receiving, or will receive compensation in the future.
- The PPF paid out around £8 million in compensation from 1 February and the 28 February 2010
- Since opening its doors in 2005, the PPF has paid out around £128 million in compensation
- The average yearly payment is about £4,000 per person
- The oldest recipient is 104 years old and the youngest seven years old
- The PPF now has a total of 357 schemes and 202,380 members in the assessment period.
ends
Notes to Editors
1. The sponsoring employers of the schemes that came in last month were:
- Gaskell Carpets Limited – the manufacturer, marketing and distribution of carpets, based in Blackburn, Lancashire.
- Gaskell Logistics Ltd – Manufacturer of carpets, carpet tiles and underlays, based in Blackburn, Lancashire.
- Gaskell PLC – Manufacturer of carpets, carpet tiles and distribution of natural floor coverings, based in Blackburn, Lancashire.
- Gaskell Logistics (Northern) Ltd – Manufacturer of carpets and tiles, based in Blackburn, Lancashire.
- Gaskell Flooring Limited – Manufacturer of carpets and floor tiles, based in Blackburn, Lancashire.
- Lavender Hill Garage Ltd – Sale of motor vehicles, maintenance and repairs of motors, based in London.
- Pittards PLC – a supplier of high performance leather to the world’s leading brands of gloves, shoes, luxury leather goods and sports equipment, based on Yeovil, Somerset.
2. The Pension Protection Fund was set up under the provisions of the Pensions Act 2004 in April 2005 and is classified as a public financial corporation. It has been established to pay compensation to members of eligible defined benefit and hybrid pension schemes when there has been a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.
For further press information contact: Richard Hunt on 020 8633 5931/0789 425 5561 or Ana Moreno on 020 8633 4932/ 07961 957 480