Woolworths pension

The Woolworths Group PLC Pension Scheme is reported to have a pension fund deficit in the region of £100 million (see this report in The Times, 19th Nov 2008) so your husband is sensible to concern himself over the security of his pension benefits.

If the sponsoring employer fails, the trustees of the scheme can apply to the Pension Protection Fund who will then assess whether the scheme can be accepted under the wings of the PPF and therefore entitle scheme members to receive compensation.

The PPF's Frequently Asked Question for Scheme Members section is a good place to start and read about HOW the compensation works.

The PPF is not the panacea that many make it out to be - it has its limitations and its critics - so your husband would be wise to read up on what is available and as importantly what is not.

I hope this helps.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.