The pensions industry demonstrated its positive response to our contingency planning guidance, at an event attended by over 80 trustees and advisers in central London on Tuesday this week.
Participants heard from Malcolm Weir, our Director of Restructuring and Insolvency, Sue Rivas, Director of Scheme Services and Helen Beckinsale, Panel Manager, about what can happen when unprepared schemes enter assessment.
Deliver a better outcome for members
Unplanned-for insolvencies can create delays and a poor experience for members. Although the transition is far smoother where effective risk management and planning has taken place, experience shows 90% of schemes entering assessment could have been better prepared to deliver a better outcome for members.
Two of our panellists shared their own experiences. They stressed the need for schemes and trustees not only to be aware of and act on the principles of contingency planning, but how important it is to communicate with members at the right time, with the right information.
“The good news is that early engagement with the PPF and proper planning can make a real difference to the member experience,” said one.
Risk management relevant for all schemes
As well as getting answers to practical questions like how to submit documents and when to develop communication strategies, participants heard there’s no pattern to the size or make-up of schemes which come to us, which is why our guidance is relevant for everyone.
They also heard about The Pensions Regulator’s support for our guidance, and discussed the implications for schemes’ investment strategies.
“I thought the session was very interesting and provided plenty of food for thought. We are very far from the PPF’s doors but the suggestions put forward today make good disaster recovery planning and I'll be raising them at my board,” said one participant after the event.