By introducing the Trustee and Support Services panel, the PPF hopes to improve the pre and post insolvency experience for both members and trustees.
A total of 11 specialist firms have been appointed to provide expert advice where a sponsoring employer is in stressed or distressed circumstances or expected to enter a PPF assessment period.
They will advise on various issues including covenants, restructuring, contingency planning, moral hazard, and provide transactional expertise.
Sue Rivas, PPF’s Director of Scheme Services, said: “I’m very excited about the new panel we have created. We’ve broadened the range of services available for employers and trustees of defined benefit pension schemes where the employer is in a stressed or distressed situation. This panel of experts will supplement the trustees’ own business as usual skills and experience. We very much hope this will lead to better member outcomes as well as extending our understanding of the issues that schemes experience pre-insolvency.”
Trustees can appoint a recommended expert panellist at an earlier stage than previously, to get advice and guidance that could help prevent insolvencies where possible, so potentially reducing claims on the PPF. Additionally in the event of an insolvency the panel will ensure that the scheme is fully prepared for entry into the assessment period.
The 11 firms have undergone a thorough selection process to ensure they meet the PPF’s professional standards and have all agreed to a set of terms and conditions and advantageous fee rates.
Malcolm Weir, PPF’s Director of Restructuring and Insolvency, said: “We believe it is important that trustees have the expertise needed to protect schemes’ interests and maximise the likelihood of delivering the best outcome for the scheme and the PPF. We encourage scheme trustees to recognise their knowledge gaps and to appoint a panel trustee and/or restructuring and insolvency adviser to support them with specialist advice as early as possible.”
For further press information contact:
PPF Press Office
020 8406 2107