Our year 13 Business learners recently had the opportunity to engage with Darnell, Operations Analyst David, Director of Strategy and Policy, and Sharon, Head of Organisational Development from the Pension Protection Fund (PPF) for a masterclass aimed to provide key insights into the company and unravel the intricacies of pensions. 

The Pension Protection Fund is a public corporation that reports to Parliament through the Secretary of State for the Department for Work and Pensions. Its main job is to protect people who have a certain type of pension if their employer goes out of business. 

The session delved into the realm of defined pensions, exploring various pension schemes. The visitors shed light on the pivotal role of the PPF in intervening when a company faces insolvency and is unable to fund pensions. The session also covered the establishment of the PPF, highlighting the lack of safety nets and the instability that existed before its creation. A significant historical context was provided, referencing the protest 'stripped off our pensions,' which played a role in prompting government action.

Throughout the masterclass, active engagement was encouraged, with our learners posing questions and engaging in critical thinking. The discussions touched on fundamental questions such as 'what is a pension and what are the different types of pensions?' and 'what are the implications of a defined benefit scheme for a business?' Learners also explored he intricacies of what happens to a pension when a company faces insolvency. 
  
This session not only fulfilled specific learning outcomes but also empowered learners to comprehend the functioning of pension companies, the dynamics of pensions, and the crucial role of the PPF. The insights shared by the experts aligned seamlessly with the topics our learners are studying, providing a valuable and practical understanding pension companies and how pensions work. 
 
‘This masterclass offered our Year 13 learners an informed perspective on pensions and how they work. Not only will this support them with Unit 3- Personal and Business Finance on the business course, but it will also prepare them for the decisions they make in their adult working lives regarding their pensions. With the impact of the Global crisis and many businesses going into liquidation, Pension Protection Fund were able to give our learners examples on how businesses pensions are dealt with during this current situation.’  Sharian, teacher of Business.    
 
We extend our gratitude to our visitors for their informative and enriching visit.