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End to PPF could increase debt advice needs

End to PPF could increase debt advice needs

- Tuesday, 10 November 2009

A leading pensions expert has called for the government to back the Pension Protection Fund (PPF) in order to safeguard workers' futures.

Dr Ros Altmann has called for the government to guarantee the scheme's future following an annual report that revealed a £1.2 billion deficit, with its funding ratio down 91 per cent year-on-year.

She said that it was essential the government underwrote the PPF and issued longevity forms to UK businesses to help them better manage their liabilities.

Should the scheme not be backed, an increasing number of people that might have depended upon the scheme could find themselves needing debt help.

Dr Altmann added: "The PPF has been absolutely critical to the future pensions of millions of workers. It has underwritten workers' pensions during this awful recession and if we hadn't had the PPF I hate to think what would have happened."

The PPF annual report published earlier this month revealed that an increase in the number and value of pension schemes claiming on the PPF caused its deficit to rise from £517 million at the end of March 2008 to £1.2 billion one year later.
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