The Pension Protection Fund 'is in safe hands and not run by a bunch of mugwumps', the lifeboat's fund general counsel David Taylor has said.

Speaking today at the Pensions Age Spring Conference in London, Taylor, bringing up Boris Johnson's description of Labour leader Jeremy Corbyn as a 'mugwump', said the PPF is in "safe hands" and its funding strategy "is on track".

"We have now in-sourced our member services function from Croydon and we are now in sourcing some of our asset management in particular the LDI side.

"We also have a healthy reserve level of £4.2bn but compared to what we are protecting this is a small number, but it is a start."

Taylor said the negative headlines surrounding the PPF's compensation cap of £30,000 is unwarranted.

"The average annual compensation figure is £4,000 and the compensation cap of £30,000 bites on less than half a per cent of members."

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