The Pension Protection Fund, the UK government-backed compensation scheme, has become known as the lifeboat for capsized corporate pension plans.
Tens of thousands of people left stranded after their companies went bust now receive financial help from the 10-year-old scheme and hundreds of thousands more are expected to be rescued by the PPF in years to come.
In the past few months, however, the fund has become more of a pirate ship to those external investment managers employed to run the assets collected by the scheme.
One by one the investment companies the PPF has hired run the risk of being asked to walk the plank. The fund was given the green light in June to start bringing the £22bn of pension assets it has outsourced to third-party fund managers in-house.
