The Pension Protection Fund (PPF) has made its first direct payments to members of occupational pension schemes.
More than 90,000 pension scheme members already benefit from protection, but until today pensioners were paid by the relevant administrator or payroll provider for their scheme under the control of the trustees.
Today the PPF has taken over responsibility for making those and future payments to scheme members of three schemes.
The first three schemes to transfer into the PPF and whose pensioners have received compensation payments are:
- The Chilton Scotland Pension Scheme
- The Padiham Retirement Benefits Plan
- BDH Retirement Benefits Scheme
PPF chairman, Lawrence Churchill, said: “The first compensation payments being made directly from the PPF complete the final phase in the PPF’s development.
“From here on in there will be a continuous flow of schemes completing their assessment period and their pensioners will feel reassured that their income every month comes from a known, trusted and stable source.”