To have received credit for your contingent assets in past invoices, you needed to certify them correctly.
Certifying contingent assets
To have received credit for your contingent assets you needed to certify them properly on The Pension Regulator's (TPR) Exchange system by midnight on 31 March immediately before that levy year and have emailed documents to [email protected] by 5pm on 1 April.
If we’d previously recognised contingent assets in your levy calculation, and you wanted to get levy credit in the coming year, you’d still have needed to recertify them online every year.
Guarantees: when to have gotten a guarantor strength report?
If you were certifying a contingent asset that would have, if accepted, reduced your scheme’s levy by £100,000 or more, you needed to submit a guarantor strength report from a professional valuer.
Recertifying existing contingent assets
If we’d previously recognised contingent assets in your levy calculation, you still needed to recertify them on Exchange every year but you didn’t need to provide all the hard-copy documents.
However, if the asset is a guarantee that would have reduced your levy by £100,000 or more then you needed to provide a guarantor strength report every year.
Do you have to recertify contingent assets every year?
You didn’t have to recertify your contingent assets if you didn’t believe there would be a levy benefit for the next levy year.
You could have recertified in the future, without all the additional requirements of a new certification, if it was fewer than five years since you last certified them.
Although there is now no levy requirement to recertify contingent assets, schemes may do so if they wish. Any information provided through recertification will be recorded against the scheme and will help to support our ongoing assessment and monitoring of risk.
Re-executing contingent assets with a fixed cap
You needed to use our new standard form agreements if you entered into or re-executed contingent assets with a fixed cap on or after 18 January 2018.