More groups join PPF

A further ten schemes joined the Pension Protection Fund (PPF) in June, taking the total number of pension plans included in the fund to 160.

The move means that 937 people in the UK are either currently receiving compensation or will be entitled to do so in the future.

As of 30 June, over £170 million had been handed out through the PPF, with the average yearly payment per person reaching around £4,000.

Among those to join the fund last month were the Essex Careers & Business Partnership Pension Scheme, the GSS Group Pension Fund and the Holden & Brooke Pension Scheme.

Earlier this week, pensions expert Keith Churchouse said that recently announced government plans to change the measure of inflation used to determine private sector pension payments will make a "huge difference" to those retirees.

He warned that the switch from the retail prices index to the consumer prices index will bring down the purchasing benefits of individuals' pensions.