The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. Tens of thousands of people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.
The Purple Book is published annually by the Pension Protection Fund (PPF) and the Pensions Regulator (the Regulator), monitoring and reporting on the risks faced mostly by private sector Defined Benefit (DB) pension schemes. These schemes cover over 11 million scheme members across the UK. The Purple Book is the only summary of its kind, based on actual DB scheme data.
Much of the analysis of the 2014 Purple Book is based on new information from 6,057 scheme returns issued in December 2013 and January 2014 and returned to the regulator by the end of March 2014. The Purple Book covers virtually all schemes in the universe of PPF-eligible schemes.
Sources: www.pensionprotectionfund.org.uk (News release: 2014/10/30)
