The UK Can pension plan came under the protection of the Pension Protection Fund in October 2006 with the appointment of administrators to the pension fund’s sponsor UK Can. In December 2007 UK Can was liquidated.
Pension Insurance Corporation will insure specified benefits to members at a level which is greater than the pension benefits currently provided by the PPF. Pension Insurance Corporation has received assets amounting to £42 million for the agreement.
Pension assets now managed by Pension Insurance Corporation under bulk annuity contracts amount to more than £550m with £5bn of pension assets when including sponsored pension funds.
Pension Corporation chief executive Edmund Truell says: “This agreement with The UK Can pension plan emphasises Pension Corporation’s expertise and flexibility in being able to offer a comprehensive set of affordable solutions to defined benefit funds of any financial strength, size or maturity profile. It also demonstrates how we can enhance retirement benefits for members of a pension fund under the protection of the PPF and give each member the reassurance of having their own individual pension policy.”