Pensions - Articles - PPF will not be threatened by Carillion liquidation

 Steve Webb said:‘Carillion workers will understandably be devastated by the announcement of the liquidation of their firm. But they, and retired Carillion workers, can be assured that the pensions ‘lifeboat’, the Pensions Protection Fund (PPF), will help to protect their pensions. Although there is a big shortfall across the Carillion pension schemes, the PPF is financially strong and will be able to pay out pensions in line with its normal rules. The deficit in the Carillion schemes will not sink the pensions lifeboat’.

 According to the 2016 Carillion annual report, the defined benefit pension scheme had 28,561 members, of whom 12,410 were pensioners.