The Pension Protection Fund (PPF) has taken ten more schemes under its wing, resulting in another 2,967 people around the UK now receiving compensation – or will do so in the future.
- Bse Genex Co Ltd Staff Insurance Scheme
- The Crabtree Pension Scheme
- The Emlyn Owen Engineers Limited Retirement Benefits Scheme
- Ferrotech Pension Scheme
- Ferrotech Supplementary Pension Scheme
- Heveco Mushrooms Ltd Retirement Benefits Scheme
- Spooner Vicars Pension Scheme
- Strand Lighting Pension Plan
- Thomson (Builders Merchants) Ltd Pension & Life Assurance Scheme (1978)
- The Zortech Group Retirement Benefits Scheme
Details of the schemes that have transferred can be found on our website on the Transferred Schemes page.
Facts and figures:
- 212 schemes are now in the PPF
- 55,602 people are receiving, or will receive compensation in the future
- As at 31 January 2011, the PPF had paid out almost £236 million in compensation
- The average yearly payment is about £4,000 per person
- The oldest recipient is 105 years old and the youngest is four years old
- The PPF now has a total of 409 schemes and 210,763 members in the assessment period.
Details of schemes that are currently in our assessment period can be found on the Schemes in Assessment page.
Notes to editor:
1. The sponsoring employers of the schemes that came in January were:
- Genex Trade Ltd (Bse Genex Co Ltd Staff Insurance Scheme) – commodity trading company, based in Middlesex.
- LTG Gateshead Ltd (The Crabtree Pension Scheme) – Manufacturer of metal decorating presses and coating machines based in Gateshead.
- Emlyn Owen Engineers Ltd (The Emlyn Owen Engineers Ltd Retirement Benefits Scheme) – General mechanical engineering company, based in East Sussex.
- Ferrotech Ltd ( Ferrotech Pension Scheme/ Ferrotech Supplementary Pension Scheme) - Supplier of cast iron cylinder blocks and cylinder heads for the automotive industry, based in Tipton, West Midlands.
- Heveco Mushrooms Ltd (Heveco Mushrooms Ltd Retirement Benefits Scheme) – Mushroom cultivation, based in Thakeham, West Sussex.
- Spooner Vicars Ltd (Spooner Vicars Pension Scheme) – Manufacturer of food, beverages and tobacco, based in Manchester.
- Strand Lighting Ltd (Strand Lighting Pension Plan) – Lighting Solutions manufacturers for theatre, television, film and themed environment production, based in London.
- Thompson (Builders Merchants) Ltd (Thompson (Builders Merchants) Ltd Pension & Life Assurance Scheme) – Builders merchants, based in Chelmsford, Essex.
- Zortech International Ltd (The Zortech Group Retirement Benefits Scheme) – design, manufacture and distribution of innovative electric radiant heating solutions, based in Kidderminster.
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