Commenting on the publication of the Pension Protection Fund’s Annual Report Helen Morrissey, Pensions Specialist at Royal London says:
"Over the past twelve months the Pension Protection Fund (PPF) has had to take on the pension schemes of large corporates such as Carillion, Hoover and Toys 'R’ Us with deficits of over £1.2bn. While such activity could have caused the PPF to come under major stress it is extremely positive to see its position strengthen with continued growth in its funding reserves and strong investment performance.
While the PPF’s probability of being self-sufficient by 2030 has fallen slightly from 93% to 91%, it is still well above its target of 88%.
While there should be no room for complacency such performance bodes well that the PPF will continue to provide much needed security for millions of pension scheme members for the long term."
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For further information please contact:
Helen Morrissey, Corporate PR Specialist – Long Term Savings
- Email: email@example.com
- Tel: 0203 272 5433
- Mob: 07919 170 712
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June.
At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.
Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/