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.
Other articles related to "pension protection fund, pensions, pension":
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... Social Security (Deferral of Retirement Pensions etc.) Regulations 2006 S.I. 2006/557 Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006 S.I. 2006/559 Pensions Act 2004 (Commencement No ...
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