The Pension Protection Fund (PPF) has completed the selection process for its new Specialist Administration and Actuarial Services Panel (SAASP). The new panel comprises four firms which will provide both administrative and actuarial services during the PPF assessment period, replacing the previous model of two separate panels. The new panel will also bring consistency to administration services inclusive of payroll and member services.
The PPF is pleased to announce that the four firms on the SAASP panel will be:
• Barnett Waddingham
• Quattro Pensions
• Spence & Partners Limited
Sue Rivas, deputy director of scheme and member services at PPF explained: “The new model, combining the previously separate actuarial and administration services panels, will provide greater consistency and efficiency during the PPF assessment period, in order to maximise resources and achieve certainty for scheme members.
“We would like to thank the previous members of the actuarial services and administration panels who did not make it onto the new panel for the tremendous work they have done over the years.”
Commenting on the appointment, Robert Hawkes, Partner at Barnett Waddingham LLP commented: “We remain committed to working with the PPF, trustees and our panel colleagues to deliver the highest quality service for members in the assessment period.”
Neil Bolding, Head of Operations at Mercer said: “We are pleased to continue our partnership with the PPF and in doing so, extend our service provision to our Actuarial team too. We fully understand the difficult time it can be for members when schemes enter an assessment period and we believe our approach to putting members at the heart of everything we do underpins the customer excellence the PPF seek when managing schemes through assessment.”
Liz Loosmore, PPF Client Director at Quattro Pensions, said: “We are delighted to have been selected to be part of the PPF’s new panel, SAASP, and very much look forward to working with the PPF to help provide speedy PPF compensation certainty to members.”
Brian Spence, founder of Spence & Partners said: “As a previous member of both the former panels since their inception, we have an excellent track record of managing schemes through the assessment period process, having worked on 112 to date. We look forward to working with the PPF and our fellow panel members to continue to innovate and further drive efficiencies for levy payers, scheme trustees and members of schemes entering the PPF in future.”
The new panel will start work on 1 August 2016, with initial contracts running for two years, with the option of two further 12-month extensions.
Notes to Editors
The Pension Protection Fund:
The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. Over a hundred thousand people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.
The Specialist Administration and Actuarial Services Panel
Panellists will be required to carry out specific tasks relating to the PPF assessment period, working closely with the PPF, trustees and incumbent firms. Panellists may also be expected to carry out full administration and actuarial services as appropriate.
For further press information contact:
PPF Press Office
020 7566 9775