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03-Sep-08 12:15 [Pensions]
PPF takes 15 insolvent pension schemes The Pension Protection Fund (PPF) has announced that it has taken over a further 15 insolvent pension funds in the month of August, it has emerged.
It noted that, as a result of the latest acquisitions, the number of schemes rescued by the organisation totals 57 since the organisation's introduction in 2005, the BBC reported.
As a result, this also brings the amount of people receiving pensions through the PPF to 15,935, including bigger companies such as that of Leyland Daf Vans.
It added that the PPF, a government-founded organisation that is partially-financed by a levy on the final salary pension schemes, has another 210 clients on its books that are due to be assessed, accounting for 125,000 members.
Last week, Reuters reported that the chief executive officer of the PPF, Partha Dasgupta, announced that he was to leave his post with the organisation, departing after his three-year contract expires in June 2009.
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