Supplementary written evidence from The Pensions Regulator (PPF0135)

The below was submitted by The Pensions Regulator in response to a request by the Committee (initially to the PPF) for data on deficits in defined benefit pension schemes with private company sponsors compared with those with public company sponsors of a similar size.

The table below details a breakdown of the Purple Book 2015 universe by broad company legal form – which includes listed / unlisted.

Please refer to the caveats immediately below the table – if you’re planning to use/distribute the table more widely, it must be accompanied by the caveats.

Sponsor Legal Form

N(Schemes)

Total DB Members

Scheme Assets

s.179 (PPF) Liabilities

[Net] s. 179 (PPF) Deficit

s.75 (Buyout) Liabilities

[Net] s. 75 (Buyout) Deficit

(N)

(000s)

(£bn)

(£bn)

(£bn)

(£bn)

(£bn)

Charitable Organization

438

611.483

66.983

94.008

27.284

123.701

56.721

Foreign Company

148

116.612

17.254

18.425

1.970

25.113

7.994

Guarantee

163

96.320

10.717

12.327

1.765

17.138

6.423

Industrial/Provident/Mutual

101

199.947

19.872

22.124

2.635

29.934

10.069

Limited Liability Partnership

72

26.065

3.266

4.275

1.018

6.076

2.811

Limited Partnership

5

2.144

0.190

0.235

0.046

0.321

0.132

Not Companies Act

3

24.719

2.657

2.471

0.063

3.423

0.766

Other

110

53.190

6.888

7.584

1.524

10.416

3.582

Private Limited: Large

2,733

4,091.100

489.938

597.371

118.329

804.581

315.444

Private Limited: SME

1,308

304.258

27.682

35.910

8.894

47.583

19.963

Public Not Quoted

177

719.121

92.387

107.672

17.222

145.480

53.107

Public Quoted: FTSE 100

215

3,636.389

455.560

512.541

78.075

711.419

258.504

Public Quoted: FTSE 250

244

782.449

73.029

88.180

17.289

120.712

47.754

Public Quoted: FTSE AIM

32

17.832

1.476

1.887

0.439

2.702

1.226

Public Quoted: FTSE AllShare/SmallCap

89

170.020

16.167

20.258

4.796

27.629

11.671

Public Quoted: OFEX

4

1.279

0.166

0.207

0.046

0.316

0.151

Royal charter

50

75.441

7.503

8.567

1.914

11.624

4.128

Unlimited

53

44.228

6.552

8.477

1.976

11.012

4.459

 

Sources: The Pensions Regulator Registry, The Purple Book 2015, FAME published by Bureau van Dijk

Please note that the summary variables are derived from the Purple Book dataset 2015, and as such are effective as at 31/03/2015.

Please see the following for more information / cross-referencing: http://www.pensionprotectionfund.org.uk/Documents/purple_book_2015_chapter2.pdf

There are a number of qualifiers / caveats / limitations to be considered:

         The Sponsor’s Legal Form, where more than one exists to a given scheme, has been identified in respect of the largest sponsor by the number of DB members attributable within that scheme

 

         The Sponsor’s Legal Form is an amalgamation of information from various sources (e.g. Corporate Accounts via BvD FAME, TPR’s Register, various other reconciliation exercises), some of which may conflict in certain instances, and a “best-efforts” resolution has been arrived at

 

         “Other” represents schemes/organisations of wide variety (e.g. embassies/consulates, harbour commissioners, certain individuals, etc), which cannot be reconciled elsewhere

 

         “[Net] ... Deficit” represent the total deficit (shortfall of assets against liabilities), for schemes in deficit only.

 

         This is a data driven reconciliation, which will undoubtedly contain more errors than would a dedicated manual case-by-case review exercise

 

January 2017