Pension Protection Fund
It is a fact of life that companies fail, particularly in difficult economic times. In the past this has often meant members losing a significant proportion or even all of their pension benefits. Fortunately, the Pension Protection Fund (PPF) now offers members some guarantees.
However, the transition process is complex and trustees, with no corporate sponsor, can feel isolated and the need for professionals to take control of the process is paramount.
Spence & Partners has been at the forefront of developments since the inception of the PPF and works closely with PPF caseworkers to ensure all the necessary actuarial, administrative aspects are dealt with accurately and efficiently as well as handling all communication with members and other relevant professional parties.
These include:
- Preparation of initial project plan and budget for the PPF
- Trace of all missing members as far as possible
- Liaise with HMRC on all contracting out issues where appropriate
- Complete review of scheme documentation, including identifying what constitutes admissible rules
- Complete data audit and preparation of data into PPF required format
- Calculation and implementation of adjustments to benefits to PPF levels
- All necessary communications with members
- Preparation of / provision of data for S143 Valuation
- Transfer of liabilities to the PPF
- Regular liaison with PPF caseworkers
From the point of insolvency to the date of transfer to the PPF, Spence & Partners will work with trustees every step of the way.
In addition to advising trustees of schemes in assessment we have through our sister company Dalriada Trustees Limited acted as independent trustee of a number of schemes in assessment.
