PPF investigates Lehman pension scheme

The Pension Protection Fund (PPF) has launched a funding assessment into Lehman Brothers'' scheme.

It will decide whether or not to take the plan into the fund''s protection, after balancing its assets and liabilities.

Lehman, a US investment bank, declared bankruptcy last month after losing the confidence of investors and suffering a precipitous drop in its share price.

Its pension plan retained around 2,400 members – of whom around 180 had retired.

The PPF provides savers of collapsed schemes with 100 per cent of benefits if they have already retired – or 90 per cent of benefits up to £30,856 for those who have not.

PPF chief executive Partha Dasgupta said that a "significant claim" from the scheme on the PPF is likely, the Daily Telegraph reports.

PricewaterhouseCoopers, currently administrating Lehman''s affairs in the UK, has also indicated that the plan might be taken into the PPF''s protection.