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PPF chief Churchill points to &#39valuable US lessons&#39

Pension Protection Fund chairman elect Lawrence Churchill says the Government has learned valuable lessons from the US about the design of the PPF.

Speaking at last week&#39s PMI autumn conference, Churchill said the PPF will give greater importance to the risk-based levy than its US counterpart, meaning that the schemes most likely to claim will contribute the most. He also stressed the importance of the PPF&#39s status as a non-departmental public body at arms length from the Government.

Churchill identified three factors he feels are key to the success of the PPF – confidence and consensus building, risk management and early warning systems – and the emergence of strong funding standards.

He concluded by saying that the concept of compensation for defined-benefit schemes has received overwhelming support and while the Parliamentary process required to establish the PPF is still ongoing, the compensation issue is being addressed as a matter of urgency.

Churchill said: “The PPF&#39s function will be to pay the right amount of compensation to the right people at the right time and this should improve confidence in defined-benefit schemes.”

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