R/1
14 January 2010
The Pension Protection Fund (PPF) took two more schemes under its wing last month (December), resulting in a further 1,181 people around the UK now receiving compensation – or will do so in the future.
Champion Pension Scheme and Gilbraith Tankers Limited Pension Scheme are the latest schemes to transfer to the PPF.
To date:
- 109 schemes are now in the PPF
- 32,889 people are receiving or will receive compensation in the future
- The PPF paid out around £10 million in compensation between 1 December and 31 December 2009
- Since opening its doors in 2005, the PPF has paid out more than £100 million in compensation
- The average yearly payment is around £4,000 per person
- The oldest recipient is 104 years old and the youngest member is seven years old
- The PPF now has a total of 363 schemes in the assessment period and a total of 203, 077 members in the assessment period.
Details of the schemes that have transferred can be found on our website on the Transferred Schemes page.
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.
ends
1. 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.
2. The two sponsoring employers of the schemes that came in last month are:
- Federal-Mogul Ignition (UK) Limited – a global manufacturer of a broad range of parts primarily for automobiles, light and heavy trucks and farm and construction vehicles. The Company was founded in 1899 and the main factory was based in Wirral, Merseyside.
- Gilbraith Tankers Limited – a freight transport by road company based in Accrington, Lancashire.
For further press information contact: Richard Hunt on 020 8633 5931/0789 425 5561 or Ana Moreno on 020 8633 4932/ 07961 957 480