• From The BBC:

    Another 15 insolvent pension schemes were taken over by the Pension Protection Fund (PPF) in August.
    The PPF said this brought to 57 the number of schemes that it had rescued since it was established in 2005.
    It means that 15,935 people are now receiving their pensions from the fund, or will do so soon.
    Many of the schemes have just a few hundred members but some are larger, such as the pension scheme of Leyland Daf Vans, taken on last month.
    The pension protection fund is a scheme designed to bail out insolvent pension schemes where the employer has gone bust.
    Although set up by the government, it is partly financed by a levy on all private sector final salaryoccupational pension schemes.
    Schemes go through an assessment process that takes at least a year before they are fully absorbed by the PPF, which then takes responsibility for making the pension payments.
    This length of time is to make sure that all the records are up to date and so that the PPF can work out exactly how…

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    Posted by Jon @ 3:50 pm

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