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Pension Protection Fund: latest developments
by Ian Neale 15/03/2006
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Press releases from the PPF this week draw attention to an updated list of schemes in assessment and a number of new FAQs (‘frequently-asked questions’) which have been added to the PPF website.
On contingent assets these include
- a relaxation of the requirements in relation to registration of charges, which should be of assistance to schemes and companies still working to put Type B contingent assets in place before the 31 March deadline;
- a clarification in relation to the amendment and release provisions for Type A and Type B contingent assets;
- confirmation that multiple Type A contingent assets in respect of the same scheme will be recognised; and
- further clarification in relation to legal opinions, certificates of title and valuations, and the way in which variations from the standard form documents should be notified to the Board.
Other FAQs on this subject have been updated, too. Some FAQs on the actuarial certificate of deficit reduction contributions have been updated and moved to this page.
Elsewhere on the PPF website, there are new FAQs on MFR Transformation formulae and information regarding the PPF and the Freedom of Information Act has been added.
Meanwhile The Pension Protection Fund (Provision of Information) (Amendment) Regulations 2006 (SI 2006/595) were laid this week and come into force on 6 April 2006. This SI was needed to make PPF legislation consistent with the law on civil partnerships. The regs also add to the information that must be provided by the trustees or managers of a scheme to the Board of the PPF in respect of each member who is entitled to a reviewable ill health pension if the decision to award that ill health pension was made within the previous three years immediately before the assessment date. Third, it revises the provisions for the information the Board must provide in response to an insolvency event or a notice that an employer is unlikely to continue as a going concern.
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