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...

UK Pension Protection Fund: Scheme Eligibility, Insolvency Triggers, Overseas Employers, Alternative Entry, Protected Liabilities, Section 120/122 Notices, Section 143 Valuations and Assessment Period Outcomes

Published by a LexisNexis Pensions expert

Practice notes

Requirements for ppf entry

The conditions for a scheme to transfer into the PPF are:

the scheme must be an eligible scheme—see: What schemes are eligible? below
and either:
- a qualifying insolvency event must occur in relation to a scheme employer—see: What is a qualifying insolvency event? below, or
- the employer is unlikely to continue as a going concern and meets SI 2005/590, reg 7—see: Alternative route to PPF entry, below
the insolvency practitioner for the employer must confirm that a scheme rescue cannot proceed—see: Duty of insolvency practitioner to issue notices confirming status of scheme (section 122 notices)
and the scheme’s assets must be below the ‘protected liabilities’ (broadly, the benefits the PPF would pay to members)—see: Protected liabilities, below

The statutory framework setting out which schemes may enter the PPF is contained in:

sections 120–168 of the Pensions Act 2004 (PeA 2004)
the pension protection fund (Entry Rules) Regulations 2005, SI 2005/590 (the Entry Regs)

Which schemes are eligible?...

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Web page updated on 22/05/2026

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