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09-Oct-08 11:30 [Pensions]
PPF: Four more schemes rescued The Pension Protection Fund (PPF) has announced that it rescued a further four pension schemes during the month of September.
New additions to the PPF include the Automotive Products Group, which originally covered 1,951 people, as well as AP Hydraulics, APTEC Technologies and Brandon's.
As a result, another 3,031 people are now receiving PPF compensation or will be supported by the organisation in the near future.
The PPF added that it paid out over £2.7 million during the period of September 2nd to October 1st, covering the compensation of 18,957 people at an average cost of £4,700 per person.
It added that included in the scheme at the extreme points of age demographic was a 103-year-old and a six-year-old, who are both part of one of 61 schemes on the PPF's books.
During August, 3,597 people were taken on board by the PPF after 15 schemes were brought under the protection of the PPF, which was set up as part of the Pensions Act 2004.
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