On February 8, 2024, the PPF announced that it has partnered with Aviva, who will provide a DC discharge solution for hybrid schemes.
The PPF is only able to pay DB benefits thus, when a PPF-eligible pension scheme with a DC element experiences an employer insolvency, these benefits must be transferred to a DC discharge provider before the PPF can complete the transfer of the pension scheme.
The PPF said that the Aviva Master Trust will provide a solution to ensure that members' DC benefits are protected. Trustees will also be able to look at the options available to them in the wider DC market to ensure that members are receiving the best possible outcome.
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