Almost 300 pension scheme members whose employers have gone bust are the latest workers to receive compensation from the Pension Protection Fund (PPF).
Pension schemes run by the Walsall Print Company, a West Midland-based printer, and Instem Technologies, a manufacturing management services company based in Staffordshire, have now transferred to the PPF.
The total value of the compensation to be paid to 119 members of the Walsall Print Company is £321,413. For 177 members of the Instem scheme the total is £478,029.
Partha Dasgupta, PPF chief executive, said: “We are here to safeguard the pensions of the 12 million members of eligible final salary pension schemes throughout the UK.
“The payments made to the members of these two schemes show we are doing just that and those affected can be reassured that their income every month comes from a known, trusted and stable source.”
The PPF was set up in April 2005 to pay compensation to members of eligible pension schemes whose employer has gone bust.
These latest transfers mean that the PPF now has 12 schemes under its wing, with 7,437 people either receiving compensation or due to receive compensation in the future.