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The Pension Protection Fund (PPF) took four more schemes under its wing last month (January), resulting in a further 1,427 people around the UK now receiving compensation – or will do so in the future.
United Industries Plc Group Pension Scheme (Bacup Plastics Limited); United Industries Plc Group Pension Scheme (United Industries Plc); Unifi Dyed Yarns Ltd Pension Scheme; and Botes Building Limited Retirement and Death Benefit Scheme (Scheme 2) 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:
- 113 schemes are now in the PPF
- 34,286 people are receiving or will receive compensation in the future
- the PPF paid out around £3 million in compensation from 1 January and 31 January 2010
- since opening its doors in 2005, the PPF has paid out around £119 million in compensation
- the average yearly payment is around £4,000 per person
- the oldest recipient is 104 years and the youngest is seven years old, and
- the PPF now has a total of 357 schemes and 203,473 members in the assessment period.
ends
Notes:
1. The sponsoring employers of the schemes that came in last month are:
- United Industries Plc –an engineering group in the design and manufacture of a full range of technologically advanced plastic products – located in High Wycombe, Buckinghamshire.
- Bacup Plastics Limited – an engineering group that was engaged in the design and manufacture of a full range of technologically advanced plastic products – based in Bacup, Lancashire.
- Unifi Dyed Yarns Limited – manufacturer of man-made fibres – based in Manchester, and
- Botes Building Limited – a general construction and civil engineering company – based in London.
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