So grateful my pension was saved
AN Ormskirk man whose pension was saved when Carrillion collapsed has praised the organisation that paid his compensation.
John Brown, 75, feared losing his money when the multinational company collapsed, only for it to be repaid by the Pension Protection Fund (PPF).
The PPF, which is a public corporation of the Department for Work and Pensions, secured the retirement benefits of 4,000 members of the Carillion Rail (GTRM) Pension Scheme, in what was its 1,000th scheme transfer.
It was set up to protect members of UK-defined benefit pension schemes in the event of company failure and the pension scheme being unable to pay.
The North West is home to one in 10 PPF members, and without its involvement, they would have received significantly reduced retirement benefits. The PPF now manages £32bn of assets for close to 260,000 members in the UK and globally and has secured the pensions of more than 28,000 in the North West.
Mr Brown said: “When Carillion fell apart, the suggestion was that things could either go to an insurance company or to the Pension Protection Fund.
“I’d kept my finger on the button with what had been going on so I knew that there was a possibility this would happen.
“When it did happen, I was pleased because I thought we could draw a line under the debacle and move on.
“I’ve got nothing but praise for the PPF so far.
“The website, the member information pack and the explanations that the PPF has given have all been top quality.”