Pension Protection Fund (PPF) GBP80bn In Red
Published / Last Updated on 12/09/2008
Pension Protection Fund (PPF) £80bn In Red
The Pension Protection Fund (PPF) has fallen more than £80bn into debt at the end of July as market turmoil has taken its toil on defined benefit company pension schemes. Its analysis of 7,783 predominantly private sector defined benefit company pension schemes in the UK shows that more than 5,800 schemes were in deficit last month.
The PPF guarantees the retirement obligations of insolvent employers which leave behind an underfunded pension scheme when they close.
As falling stock markets and lower interest rates take their toll, the PPF is expected to have to assume the liabilities and make up even greater funding shortfalls.
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