PPF welcomes 100th private pension scheme

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PPF welcomes 100th private pension scheme

A Bristol-based scheme has become the 100th member of the Pension Protection Fund (PPF), it has been announced.

Under the new development, all 343 members of the Brooks Service Group pension scheme will benefit from PPF compensation should their work's pension scheme go under.

This means that the PPF now covers almost 32,000 people across the UK, with a further 179,000 in 290 schemes that are currently being considered for membership. Observers expect this number of carry on increasing as both workers and employers look to protect themselves against turbulent markets.

Announcing the news, PPF chief executive Partha Dasgupta said: "Losing your job can devastating - but the situation can be made much worse if you stand to lose your pension as well.

"Today's announcement that 100 schemes have now transferred to the PPF demonstrates clearly that we are doing what we were set up to do: protecting people's pensions when their employers go bust."

At the same time, Fidelity International has urged Britons not to forget about the importance of pensions during the current recession.

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