UK - A further two failed businesses have transferred pension arrangements to the Pensions Protection Fund (PPF), safeguarding the retirement of almost 300 employees.
The transfer of the pension funds belonging to the Walsall Print Company and Instem Technologies meant there would be12 schemes with over 7,400 members receiving or due to receive compensation from the PPF.
Partha Dasgupta, the chief executive of the PPF said: “Members of these two can be reassured that their income every month comes from a known, trusted and stavble source.”
Dasgupta continued: “This demonstrates our abilities to pay the right person thee right compensation and send out an important message of reassurance to scheme members who may come through our doors in the future.”
The failure of the Walsall Print Company has left 119 members under the protection of the PPF, with 43 members already retired and due to receive compensation immediately.
Only 24 members of the 177 strong Instem scheme are currently retired.
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