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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | March 2009 (10 blogs) | Is the pension compensation scheme destined to flounder?
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Is the pension compensation scheme destined to flounder?
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There has been growing concern over recent months about the Pension Protection Fund’s ability to maintain its position as a sustainable lifeboat. The PPF is set up to bail out defined benefit scheme members where the sponsoring employer has gone bust.
It pays compensation to scheme members and there are mumblings about whether the PPF will have to reduce the level of compensation if many more schemes successfully apply to enter.
Apparently 90% of defined benefit scheme out of the PPF’s famed 7800 benchmark are in deficit and a UK economy weakening by the day isn’t helping. Combining this with the major banks’ failure to support otherwise profitable companies suffering cashflow problems, the queue to join the PPF can only get longer.
Scheme members need to be forewarned, as surprisingly few seem to know about the PPF. Of those that do, I’d suggest that the majority incorrectly expect to get their full pension. See,
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Mike Jones, MyCompanyPension.co.uk Ltd, March 12th 2009
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