The Pension Protection Fund (PPF) today published new financial figures, showing that at the end of March 2011 it had a £678 million surplus over liabilities, an increase of £248 million from the previous year.
Darren Philp, Director of Policy at the National Association of Pension Funds (NAPF), said:
“This is welcome news at a time when pensions are facing serious challenges, and it should instill some much-needed confidence among savers. People saving into final salary pensions in the private sector can feel reassured that their pensions are protected.
"The PPF faces an important challenge over the coming year with the introduction of a new formula for its levy on pension schemes. It is crucial that the new levy is proportionate, fair and that it remains stable.
“Today's separate announcement by the Government that it is reducing the administrative levy is good news."
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]