Pension Protection Fund milestone highlights its impact on over 10,000 people in Wales

• Retirement benefits of 10,928 people in Wales secured by the PPF since 2005
• Data released as PPF completes its 1,000^th scheme transfer

The pensions of 10,928 people living in Wales have been secured by the Pension Protection Fund (PPF) since it was established in 2005, according to the latest data released by the organisation as it completes its 1,000^th scheme transfer.

The PPF was set up to protect members of UK defined benefit pension schemes in the event of company failure and the pension scheme being unable to pay them what they were promised. Without the PPF’s involvement, these members would have received significantly reduced retirement benefits.

This information on the scale of support offered to the region comes as the PPF completes the transfer of its 1,000th scheme, securing the retirement benefits of almost 4,000 members of the Carillion Rail (GTRM) Pension Scheme.

The PPF now manages £32 billion of assets for close to 260,000 members located across the UK and globally. Currently, PPF membership is split between almost 155,000 already receiving their pensions and close to 105,000 members who will start their payments in future. The PPF offers award-winning customer service, with a 97% customer satisfaction rating from its members.

 Steven Masters, 65, from Warwickshire first heard about the Pension Protection Fund several weeks after Carillion went into liquidation. His initial fears of having his pension transferred over to the PPF were quickly addressed. He said: “I was obviously a bit nervous about my pension being transferred. When you first hear about it, you worry whether you’ll be paid the right amount at the right time. But when I spoke to the PPF team I felt quite happy that my pension was safe. Everything was explained to me during the assessment period and I’ve been kept very well informed ever since. Overall, I’ve had a very good experience as a PPF member – a happy customer.”

Oliver Morley, Chief Executive Officer, PPF, said: “The transfer of the 1,000^th scheme marks a significant milestone in protecting close to 260,000 members who have come to the PPF following a company insolvency. While the arrival of the 1,000^th scheme represents a lot of change for our members, it shows the value of the PPF and that the legislation put in place to protect our members makes a real difference to people’s lives.”

Regional breakdown of the PPF’s membership:

¹ The assets of the scheme are £276m versus PPF liabilities of £388.5m.

² The Railways Pension Scheme is made up of many sections, sponsored by non-associated employers which included sections sponsored by Carillion plc. The funding level or financial strength of one employer’s section is therefore not a reflection of other sections.