We assist pension schemes during employer insolvency, providing swift clarity and support. As PPF panel members, we handle data reviews and collaborate with advisors to secure pensions.
We work with pension schemes where the employer is experiencing financial difficulty or has become insolvent. Usually, schemes where their sponsors have become insolvent will enter a PPF Assessment Period.
Insolvency of an employer is an incredibly difficult and uncertain time for members. It requires a unique combination of technical excellence and a high level of empathy. It’s critical to support schemes and members to deal with what can be extremely challenging circumstances.
During the assessment period, one of the PPF’s panel firms, such as Spence, will then take the scheme through an extensive period of data and benefit review. Working in partnership with legal advisors and other specialists in preparation for transferring members to the PPF, or helping to secure members’ pensions with an insurer.
We have played a leading role in the transfer over 150 schemes to the PPF or its precursor the Financial Assistance Scheme (FAS).
We also work with schemes where the sponsor is in financial difficulty to make sure that appropriate and effective contingency plans are put in place. These plans are highly scheme specific, covering all angles of potential risk. From ensuring member pensions can continue to be paid on time, to ensuring all governing documents can be located and controlled.
The PPF provide an excellent description of the pension compensation they provide, here: What being a PPF member means | Pension Protection Fund
Our extensive experience is enhanced by the technology and tools at our disposal. We make it easy for members to access details of their pensions online and engage with us through a variety of traditional and digital channels.
We deploy an high level of automation to allow data and benefit cleansing to be carried out in a advanced manner, reducing the time such exercises can take.
As members of the PPF’s panels for over 15 years we have a huge bank of experience which we use to help members and trustees through an uncertain time.
