PPF announces 100th pension scheme protected
The Pension Protection Fund (PPF) is celebrating the 100th pension scheme to transfer into its care.
Some 343 members of the Bristol-based Brooks Service Group pension scheme are being told they will receive PPF compensation when they retire.
Recently the organisation also added two Haden Staff pension schemes and Thorndyke Limited's retirement and life assurance scheme to its guardianship.
"Today's announcement that 100 schemes have now transferred to the PPF demonstrates clearly that we are doing what we were set up to do," says Partha Dasgupta, outgoing chief executive of the PPF.
PPF aims to protect people's pensions when their employers go into administration, a growing concern among workers as the recession hits businesses around the UK.
The Liberal Democrats recently expressed concern that PPF risked being overwhelmed as the size of deficits in final salary schemes continues to grow, saying the organisation already has a deficit of £500 million.
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