100th pension scheme transfers into the PPF

The 100th pension scheme to transfer into the Pension Protection Fund (PPF) has been announced.

This means that the 343 members of the Bristol-based Brooks Service Group Plc pension scheme will now receive PPF compensation, or will do so on retirement.

PPF Chief Executive, Partha Dasgupta, said: "Losing your job can devastating - but the situation can be made much worse if you stand to lose your pension as well. Today's announcement that 100 schemes have now transferred to the PPF demonstrates clearly that we are doing what we were set up to do: protecting people's pensions when their employers go bust.

"This is a major achievement for an organisation set up just four years ago - and will help reassure people belonging to work-based pension schemes that their pensions are protected should their employer go bust. This is especially important during a time of recession."

Brooks Service Group Plc went bust in February 2007 and has now completed the PPF assessment period, the process which determines whether the PPF will take ultimate responsibility for the scheme, or whether it can survive outside the PPF. Payments to pensioners during this period continue at PPF levels of compensation.

In total, 148 schemes have completed assessment since the PPF opened. The transfer today of the 100th scheme into the PPF means that it is now paying, or will pay, compensation to a total of 31,191 people throughout the country. 178,904 more people are members of 290 schemes which are currently in a PPF assessment period, which generally takes about two years to complete.