7.The Act also establishes in Part 2 a second new NDPB, the Board of the Pension Protection Fund; to provide compensation for members of defined benefit (normally final salary) and hybrid occupational pension schemes in the event of the scheme’s sponsoring employer going insolvent and leaving the pension scheme with insufficient funds to pay its members at least the level of PPF compensation. The PPF will be funded by levies on relevant schemes, to be set by the Board of the Pension Protection Fund subject to parameters on the level and structure set by Parliament, and also by taking in any of the scheme’s remaining assets, including any debt due by the employer, on insolvency. The external appeals body for the Board of the Pension Protection Fund’s decisions will be the PPF Ombudsman. The Board of the Pension Protection Fund will subsume the functions of the Pensions Compensation Board.
The data on this page is available in the alternative data formats listed:
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
