Pensions 'lifeboat' fund increases assets to £15bn

The fund was set up by the government as an arm's-length entity in 2005 after several high-profile cases of pension fund members being left with nothing when their companies failed. It provides benefits capped at about £32,000 a year, funded by all UK companies with defined benefit pension schemes paying risk-based levies. The PPF also takes over whatever assets are left when a pension fund goes bankrupt. MG Rover's pension fund was the first fund taken over in this way. Three years ago, the fund launched a long-term funding strategy, declaring it wanted to be self-sufficient by 20...