Records created or inherited by the Pension Protection Fund (PPF)

Records created or inherited by the Pension Protection Fund (PPF) that demonstrate their significant functions and activities (from 2004).

The Pension Protection Fund (PPF) is a statutory corporation created under the Pensions Act 2004, and began operations in April 2005. As a public corporation, the PPF reports to Parliament through the Secretary of State for Work and Pensions. The purpose of the PPF is to protect people across the United Kingdom who are members of 'defined benefit' (also known as final salary) pension schemes, by providing compensation if the employer funding the pension becomes insolvent and the scheme cannot meet its promised benefits. The PPF has historically been funded by four income sources: an annual levy charged to eligible schemes protected by the PPF, income from investments, assets from schemes that transfer into the fund, and recoveries from insolvent employers. In September 2025, the PPF announced it was financially stable enough and the legislation was changed to allow them to introduce a zero levy for the 2025/2026 year, while still having the possibility to increase the levy in future years if required.

In 2006, the first pension scheme was transferred to the PPF. In its first 5 years, the PPF took on 113 schemes and was looking after over 34,000 members. The PPF acquired its 500th scheme in 2012, and 1,000th scheme in 2016. By the time the PPF had been operating for 20 years (April 2025), it had taken on over 2,000 schemes and was looking after 430,000 PPF and FAS members.

Financial Assessment Scheme (FAS), 2009-

In 2009 the PPF took on management of the Financil Assistance Scheme (FAS) from Department for Work and Pensions. FAS provides financial assistance to members of 'defined benefit' pension schemes who lost all or part of their pension following their scheme coming to an end between 1 January 1997 and 5 April 2005.

Fraud Compensation Fund (FCF), 2005-

The PPF manages the Fraud Compensation Fund (FCF), which funds compensation for members of eligible work-based pension schemes, where the employer is insolvent and whose schemes have lost out financially as a result of fraud. The FCF became operational on 1 September 2005 and replaced the former Pensions Compensation Board.