12 November 2009
PPF chief executive Alan Rubenstein expects the Pension
Protection Fund to be fully funded by 2014. Currently, the PPF has
assets of £3bn but only pays out around £6m a month at present.
Despite this, Mr Rubenstein warned that the PPF was not
complacent and said that the number of firms that become insolvent,
and consequently transfer their scheme to the PPF could actually
peak after the economy begins to recover.
He said: "Even in a worse case scenario we have no immediate
liquidity issues. This means we, the regulator and the government
will have plenty of time to think through what to do if, as has
been suggested, a plan B is needed. I don't think we need a plan B
today and certainly we see no reason for the government to provide
the PPF with a guarantee as some have called for."
