Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pension Protection Fund definition

What does Pension Protection Fund mean? In UK pensions practice, the Pension Protection Fund (ppf) provides statutory compensation to members of eligible defined benefit and certain hybrid occupational pension schemes when the sponsoring employer suffers an insolvency event and the scheme cannot secure benefits above PPF levels. Established by the Pensions Act 2004 (with parallel legislation in Northern Ireland), the PPF pays “PPF compensation”—typically 100% for members over scheme normal pension age or on survivors’/ill‑health pensions at the assessment date, and otherwise 90% subject to a compensation cap and statutory revaluation/indexation—often lower than scheme benefits. Schemes enter a PPF assessment period following employer insolvency. If, on...

Trustee discharge on occupational pension scheme wind-up: statutory routes (PA 1995 s74), discharge notices and supplementary protections (insurance, indemnities, exoneration, s27 notices, s61)

Published by a LexisNexis Pensions expert

Practice notes

This practice note applies to registered occupational pension schemes in wind-up (excluding those entering the Pension Protection Fund)

A central feature of the winding‑up of occupational pension schemes is ensuring that, so far as practicable, the process enables the trustees of the scheme to be released from ongoing responsibility for the scheme, its assets and its Liabilities. There are several actions trustees can take to facilitate this. These steps assist trustees in concluding their role once winding‑up is completed. and reduce residual exposure where practicable. For guidance on measures to protect trustees from liability in a continuing scheme, see Practice Note: Trustee liability and protection in pensions.

Statutory discharge

Where a pension scheme is being wound up and falls within s 73 of the Pensions Act 1995 (PA 1995) (eg a registered Defined benefit occupational scheme), a statutory discharge may be available to the trustees under PA 1995, s 74 and the Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126 (the Winding‑Up Regulations). Specifically, PA 1995, s 74(2) states that any liability owed to, or in respect of, a member of the scheme in relation to scheme benefits is to be regarded as discharged (to the extent that it...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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