12 March 2009
The PPF yesterday made the following press release:
"Last month (February), three more schemes transferred to the
Pension Protection Fund (PPF).
Haden Staff (HDI) Pension Scheme, Haden Staff (HDS) Pension
Scheme and Thorndyke Limited Retirement & Life Assurance Scheme
are the latest schemes to transfer to the PPF.
This means that a further 181 people around the UK will now
receive PPF compensation now, or in the future.
To date:
- 74 schemes have now transferred to the PPF
- 21, 653 people are receiving PPF compensation, or will receive
compensation when they retire
- The PPF paid out £3.7m in compensation between 3 February
and 2 March 2009
- The average yearly compensation is £4,700 per person
- The oldest recipient is 101 and the youngest is six years
old
- The PPF now has a total of 295 schemes in the assessment period
and a total of 134,090 members.
Details of the schemes that have transferred can be found on our
Transferred Schemes page.
1.Haden Drysys International Ltd was a manufacturer of metal
structures and parts based in Birmingham.
Haden Ducost Systems Ltd were design engineers based in
Oxfordshire.
Thorndyke Ltd was a building business based in Leicester.
2.The Pension Protection Fund was set up under the provisions of
the Pensions Act 2004 in April 2005 and is classified as a public
financial corporation. It has been established to pay compensation
to members of eligible defined benefit and hybrid pension schemes
when there has been a qualifying insolvency event in relation to
the employer, and where there are insufficient assets in the
pension scheme to cover Pension Protection Fund levels of
compensation."
