The Board of the Pension Protection Fund (the PPF) is a statutory fund in the United Kingdom and the British counterpart of the American Pension Benefit Guaranty Corporation. It was created under the Pensions Act 2004. The Board of the PPF is a statutory corporation responsible for managing the Fund and for making payments to members.
The PPF started on 6 April 2005 in response to public concern that when employers sponsoring defined benefit pension schemes became insolvent, scheme members could lose some or all of their pension if the scheme was underfunded. Besides offering compensation to those pension scheme members affected by insolvencies the Government hoped that the existence of the PPF would improve confidence in pension schemes generally.
The Board of the PPF has also taken over responsibility for managing the Fraud Compensation Fund, which will provide compensation to members of pension schemes who lose their entitlements due to Fraud. The PPF is chaired by Lady Barbara Judge.
Read more about Pension Protection Fund: Eligible Schemes, Scheme Assessment, Compensation, Levies
Famous quotes containing the words pension, protection and/or fund:
“It is a sort of ranger service. Arnold’s expedition is a daily experience with these settlers. They can prove that they were out at almost any time; and I think that all the first generation of them deserve a pension more than any that went to the Mexican war.”
—Henry David Thoreau (1817–1862)
“Ah! how much a mother learns from her child! The constant protection of a helpless being forces us to so strict an alliance with virtue, that a woman never shows to full advantage except as a mother. Then alone can her character expand in the fulfillment of all life’s duties and the enjoyment of all its pleasures.”
—Honoré De Balzac (1799–1850)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)