Mr Cowling added: "The positive news we can take from the recent examples of Carillion and Toys R Us is that the UK system of protections established in 2005, and most significantly the introduction of the PPF, have collectively meant that members’ pensions are now much better protected than they were.
"Hard as it is to see a company and a pension scheme fail, the presence of the PPF means that trustees can sleep easier knowing that the very large majority of members' pension benefits will be paid to members – even if a company fails."
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