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Seventeen More Schemes Transfer to the PPF

R/16
Monday 18  October 2010
 
 
The Pension Protection Fund (PPF) took 17 more schemes under its wing last month (September), resulting in a further 1,768 people around the UK now receiving compensation – or will do so in the future. They are:
 
  • Bagshaws of Melton Limited Retirement Benefits Scheme;
  • The Clearing International Limited Benefits Plan;
  • Cox Thermoforming Pension Scheme;
  • Economatics Group Retirement Benefits Scheme (Economatics Education Limited);
  • Economatics Group Retirement Benefits Scheme (Economatics Holdings Ltd);
  • Economatics Group Retirement Benefits Scheme (Economatics Industrial Limited);
  • The Essanby Group  Pension Scheme;
  • Fairmead Group Pension Scheme;
  • Farepak Limited Pensions and Life Assurance Scheme (Farepak Mail Order Section);
  • Findlay Publications Limited Pension & Assurance Scheme;
  • J H Yeomans & Sons Limited Retirement Benefits Scheme;
  • Pittards Pension Scheme;
  • Precision Grinding Pension and Life Assurance Scheme;
  • Regalian Properties Retirement Benefit Plan;
  • RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Chromatone Ltd);
  • RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Pattern Book Ltd), and
  • RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Transferprints Ltd).
Details of the schemes that have transferred can be found on our Transferred Schemes page.
 
Facts and figures:
  • 194 schemes are now in the PPF
  • 50, 828 people are receiving, or will receive compensation in the future
  • As at 30 September 2010 the PPF had paid out £198 million in compensation
  • The average yearly payment is about £4,000 per person
  • The oldest recipient is 105 years old and the youngest is five years old
  • The PPF now has a total of 383 schemes and 213,368 members in the assessment period.

ends

Notes to editors:
1. The sponsoring employers of the schemes that came in last month were:
 
  • Bagshaws of Melton Limited (Bagshaws of Melton Limited Retirement Benefits Scheme) – Gas suppliers based in Loughborough, Leicestershire.
  • Verson International UK Limited (The Clearing International Limited Benefits Plan) – a machine tool manufacturer based in Darlaston, West Midlands.
  • Cox Thermoforming Limited (Cox Thermoforming Pensions Scheme) – Manufacturer of plastic products based in Tring, Hertfordshire.
  • Essanby Limited (The Essanby Group Pension Scheme) - A joinery installation company based in Harlow, Essex.
  • FAPL Realisations Ltd (Fairmead Group Pension Scheme) – an engineering firm based in Nuneaton, Warwickshire.
  • Farepak Mail Order Limited – (Farepak Limited Pension and Life Assurance Scheme (Farepak Mail Order Section)) – A supplier of Christmas hampers, high street and other gift vouchers and also gifts.
  • Findlay Publications Holdings Limited (Findlay Publications Limited Pension & Assurance Scheme) – Manufacturing and engineering publishers, based in Dartford, Kent.
  • J H Yeomans & sons Limited (J H Yeomans & Sons Limited retirement Benefits Scheme) – a welding company based in Redditch, Worcestershire.
  • Pittards Plc (Pittards Pension Scheme) – A supplier of high performance leather to the world’s leading brand of gloves, shoes, luxury leather goods and sports equipment, based in Yeovil, Somerset.
  • Precision Grinding Technology Limited (Precision Grinding Pension and Life Assurance Scheme) – Manufacturer of tools and other fabricated metal products based in Mitcham, Surrey.
  • Regalian Properties Limited (Regalian Properties Retirement Benefit Plan) – A company that developed and refurbished residential and commercial properties for resale and investment, based in Westminster, London.
The following employers were part of Economatics Group Retirement Benefits Scheme. All three employers supplied products and solutions for compressed air systems. Offices were based nationwide including Leicester, Birmingham and Aylesford.
  • Education Realisations Limited (Economatics Group Retirement benefits Scheme (Economatics (Education) Limited)
  • Economatics (Holdings) Limited (Economatics Group Retirement Benefits Scheme (Economatics (Holdings) Limited) and
  • EI Realisations Limited (Economatics Group Retirement Benefits Scheme (Economatics (Industrial) Limited).
The following employers were part of the RGS Pattern Book Limited Pension & Life Assurance Scheme. All three employers provided pattern books and chromatone colour services to the carpet and floor covering industry. They were based in Ossett and Dewsbury, West Yorkshire.
  • RGS Chromatone Limited (RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Chromatone Limited))
  • RGS Pattern Book Limited (RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Pattern Book Limited)) and
  • RGS Transferprints (RGS Pattern Book Limited Pension & Life Assurance Scheme (RGS Transferprints Limited).
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.
 

[Published: 18 October 2010]

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