Frank Field questions Pensions Regulator as Kodak scheme heads to lifeboat

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Leading Labour MP and chair of the Work and Pension Select Committee Frank Field has demanded answers from the Pensions Regulator (TPR) over its handling of Kodak's struggling KPP2 pension scheme.

Yesterday, trustees of the scheme said it was highly likely it would fall into the Pension Protection Fund (PPF), as the business is not performing well enough to meet future obligations to its members.

A deal was reached in 2013 to form the second version of the Kodak pension fund designed to keep it out of the PPF. Since the deal, the scheme's deficit has ballooned from £1.1bn to £1.5bn.

In a letter to the chief exec of TPR Lesley Titcomb, Field said:

Members of the scheme have received benefits better than the PPF for more than four years longer than they might otherwise have done, which is welcome.

Nevertheless, the PPF is now facing its biggest single claim to date. In the light of this announcement, might you please reflect on whether there are any lessons that TPR could usefully learn from this unusual experience?

A TPR spokesperson confirmed it had received the letter and would respond in due course.