More than 40,000 people have been saved from financial insecurity in their retirement as a result of a fund set up to protect them against failed pension schemes.
In its first full year of operation, the Pensions Protection Fund (PPF) accepted 98 failed or failing pension schemes into its assessment period, according to its annual report.
As a result, 43,000 pension scheme members are receiving or will receive payments from the fund, which is financed by an annual levy on all eligible pension schemes.
The annual accounts showed that in its first operational year, the PPF had collected and invested £138 million in levies.
Earlier this year, the PPF announced it was to move to a 'liabilities' driven approach by investing 30 per cent of the fund in riskier but potentially more rewarding asset classes.
Announcing yesterday's annual report, Lawrence Churchill, chairman of the Pension Protection Fund, said: "The most significant outcome of our first year of operation is that over 43,000 individuals across the UK now have financial security in retirement."