Expert calls on government to back Pension Protection Fund

Wed, 11 Nov 2009

The government should consider guaranteeing the Pension Protection Fund (PPF) after it reported deficits of £1.2 billion for the past 12 months.

That is according to specialist Dr Ros Altman, who claimed that defined benefit pension schemes could be rescued if the government backs the strategy to ensure employees have enough money when they retire .

"The PPF has been absolutely critical to the future pensions of millions of workers. It has underwritten workers pensions during this awful recession and if we hadn't had the PPF I hate to think what would have happened," she said.

The expert warned the government to underwrite the PPF and help companies to better manage their liabilities to avoid drastic pensions deficits in a future recession.

The Organisation for Economic Co-operation and Development recently found that the UK is one of the only countries in the western world to see an increase in its pension deficits in the last 12 months.
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