* Your PPA is not a pension. Fred likes to call it one, and I guess that's good enough for an idiot to believe that it is a true pension. *
The first "P" stands for portable, as when Fred fires you because he feels like it. The second "P" stands for pension, except it really isn't one, because it's really the third letter "A", which stands for annuity.
So, *. The Portable "pension" is a misnomer *. When Smith killed our real pension, he called the new annuity a "pension", hoping * employees wouldn't notice how badly they were being screwed, because the annuity is only worth about a quarter of the Traditional real pension.
*