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Three more schemes transfered to Pension Protection Fund

A further three pension schemes were transfered to the Pension Protection Fund last month, equating to an additional 745 people who are now due compensation.

Project Office Furniture plc Retirement Benefit Plan, Davies and Newman Pensions Plan and Newton Derby Ltd Pension and Life Assurance Scheme bring the total number of schemes under the lifeboat’s wing to 71, although a further 291 schemes are on watch.

Over 21,000 people are now receiving or will receive compensation in the future, with the average yearly payment sitting at £4,700 per person.

The news raises more doubt over the future of the PPF. But Pensions Minister Rosie Winterton quashed suggestions recently that the Government may become guarantor of the flailing fund.

Responding to Conservative Shadow Pensions Minister Nigel Waterson at the latest Department for Work and Pensions questions, Winterton insisted the PPF did not have a liquidity problem.

She said: “The PPF has made it very clear that liquidity is not a problem. It has £3bn in assets and it is paying out about £4m a month in compensation. It provides reassurance and an essential safety net and it has made it very clear that liquidity is not a problem at this point.”

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