Pension Protection Fund definition

What does Pension Protection Fund mean?

The Pension Protection Fund (PPF) is a discontinuance fund which takes assets from the underfunded schemes of insolvent employers and provides a reduced level of benefits.

It imposes a levy on solvent funds and employers to pay for its deficits (around £750m pa) and because of increased buy-outs by solvent schemes, the universe of such schemes able to pay levies is diminishing, while the call by such schemes is increasing; the long-term viability (or at least the benefits indicated) of the PPF is very much in doubt.

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