Pension Protection Fund (PPF)
A statutory fund, established with effect from 6 April 2005 by the Pensions Act 2004. The PPF pays compensation at a prescribed level to members of defined-benefit (DB) schemes (www.practicallaw.com/0-107-7545) that are eligible for entry. A scheme may be eligible if its sponsoring employer has experienced an insolvency event and the scheme is underfunded to a specified level. For more information, see the PPF website (www.practicallaw.com/5-204-1195).