MG Rover scheme transfers to Pension Protection Fund

Thousands of people can now look forward to security in retirement following the transfer today (Tuesday) of a further six pension schemes to the Pension Protection Fund (PPF).

Among them is the MG Rover scheme which has over 6,000 members – the largest so far to transfer to the PPF. A total number of nine schemes have now formally transferred and all have done so before the PPF’s own two year target.

A further four schemes have successfully completed the PPF assessment period but have not needed to transfer. This means a total of 13 schemes – representing 7,345 members - have completed assessment, three higher than the PPF’s strategic plan forecast.

Chief Executive, Partha Dasgupta, said:“To have transferred a scheme as large as MG Rover within two years, and to have transferred a further eight schemes during the same period, is a major achievement for the PPF, reflecting the success of the partnership approach it adopts with scheme trustees.

“We are here to safeguard the savings of the 12 million people who are members of eligible defined benefit occupational pension schemes. The payments we will now make show we are doing just that and those affected can be reassured that their income every month comes from a known, trusted and stable source.”

PPF Chairman, Lawrence Churchill, added: “When the first schemes transferred to the PPF in December, we proved we could do what we were set up to do. Today’s announcement further demonstrates our abilities to pay the right person the right compensation at the right time.

“It also sends out an important message of reassurance to more than 100,000 scheme members currently in assessment, and to scheme members set to come through our doors in the future, that they can look forward to security in retirement.“