UK - At least 170 pension schemes in deficit are now in the assessment period for falling into the pension lifeboat, the Pension Protection Fund (PPF) disclosed in its annual report.
These pension funds, with an aggregate deficit of £908m (€1.3bn), between them have 103,000 members.
"Over 100,000 individuals have the financial security that their pension scheme is being assessed for entry to the PPF and that their pensions will be paid at PPF compensation levels regardless of the finances of their scheme," noted Partha Dasgupta, chief executive of the PPF.
The UK's pension life boat completed the assessment period for 13 schemes by the end of the financial year at March 31, the report noted.
Over 7,000 pension fund members are currently protected under the PPF, with 1,400 receiving monthly payments from the fund.
The report also revealed revised longevity assumptions for the fund increased liabilities by around £241m. The PPF also adopted a scheme-specific mortality basis for larger schemes in assessment.
Figures also reveal the £841m PPF is currently 88% funded. "Without these changes the
PPF would have been 92% funded," Dasgupta explained.
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