Pension Protection Fund

More than 8,000 members of a works pension fear for their future after discovering their scheme, which has a £274m deficit, is to seek a bailout from the Pension Protection Fund.

Retirement Planner's round up of the top pension stories today.

Deficits of schemes monitored by the Pension Protection Fund (PPF) worsened last month, increasing from £8.3bn in June to £67.3bn at the end of July.

The Department for Work and Pensions (DWP) may extend the rules of the Financial Assistance Scheme (FAS) to insure pension schemes exempt from the Pension Protection Fund (PPF).

Plans to scrap or reform 192 quangos, including the Financial Reporting Council (FRC), the Pensions Ombudsman (PO) and the Pension Protection Fund Ombudsman (PPFO), has been ‘botched' according to MPs.

The Pension Protection Fund has confirmed it aims to collect an overall levy of £600m in 2011/12.

A legal loophole could threaten PPF payouts in the event of company insolvencies, warns Ros Altmann.

The Pension Protection Fund's proposed levy calculation reforms will bring "stability and predictability" to scheme payments, chief executive Alan Rubenstein says.

NAPF CEO Joanne Segars has welcomed the PPF's announcement of a long-term funding strategy, but recommended a "cautious approach" to levies.

The Government is set to index private sector pension increases to the CPI in a move that could cut £100bn from scheme liabilities.