The Pension Protection Fund (PPF) has now transferred the 100th pension scheme to its books.
More than 340 members of staff at customer service provider Brooks Service Group will have their pension fund taken over by the PPF.
The PPF’s latest figures show it is now providing compensation to 31,191 people, and paying out a total of £4m a month. A further 178,904 people are members of 290 schemes currently in a PPF assessment period.
PPF chief executive Partha Dasgupta says: “This is a major achievement for an organisation set up just four years ago and will help reassure people belonging to work-based pension schemes that their pensions are protected. Losing your job can be devastating – but the situation can be made much worse if you stand to lose your pension as well.”
Brooks Service Group went bust in February 2007 and has now completed the PPF assessment period – the process that determines whether the PPF will take ultimate responsibility for the scheme, or whether it can survive outside the PPF. Payments to pensioners during this period continue at PPF levels of compensation.