Dunfermline scheme makes initial PPF approach

The PPF confirmed it was looking at the information received in order to decide whether the scheme would qualify to enter the PPF assessment period. A spokeswoman said the initial process normally takes 28 days.

This comes after Nationwide had acquired Dunfermline last month, with government financing of £69m. Administrator KPMG not did not immediately return calls for comment.

Meanwhile, the lifeboat said the aggregate funding position of the defined benefit pension funds monitored by the PPF was estimated to have worsened during March to a deficit of £242bn, from a deficit of £204.7bn at the end of February.

It added the total deficit of schemes in deficit in March was estimated to have worsened to £253.1bn from £218.0bn at the end of February. In March last year, the aggregate deficit of all schemes in deficit stood at £81.5 billion.

It also said, in March, the total surpluses of schemes in surplus fell to £11.1bn from £13.3bn at the end of February 2009. In March 2008, the total surplus of all schemes in surplus stood at £58.7bn.

Punter Southall principal David Cule said PPF data showed "in current conditions UK companies are required to provide at least £240bn of support for UK pension schemes - more if benefits are expected to be provided in full.

"This is significantly greater than the quantitative easing package put together and on a par with the level of support being put together for the UK banking system."