Thompson’s key objective will be to reduce the time that failed companies’ pension schemes take to enter the PPF in order to decrease costs for schemes and uncertainty for its members.
Thompson and his team will be based in Birmingham, a region identified as accounting for 20 per cent of schemes entering into the PPF.
Thompson says: “As some 45,000 insolvencies are expected by the end of the year, more companies are relying on the PPF to provide compensation to members. However, schemes take two years on average to enter the PPF and can take much longer if not managed efficiently. This means considerable uncertainty for members and reduces their ability to plan effectively for their retirement. We are aiming to reduce the assessment period from two years to 18 months thus saving money and ensuring PPF compensation is paid sooner.”