The Pension Protection Fund (PPF) has today marked the start of its new partnership with Dun & Bradstreet (D&B) by publishing its plans for new services and consulting on its approach to the measurement of insolvency risk from 2021.
In parallel the PPF and D&B have launched a newly designed digital portal allowing levy payers to view insolvency risk scores calculated by D&B. The portal allows users to submit queries online and hold live web chat with customer service advisers.
The existing insolvency risk methodology has been shown to be working well and only limited changes are proposed largely in response to stakeholder feedback. The move to D&B will mean that insolvency risk scores will be adjusted to match actual insolvency experience.
The PPF are seeking feedback from stakeholders on the new services being introduced, including the portal, and on the proposed approach to the measurement of insolvency risk. The first levy invoices to be calculated with D&B will be issued in Autumn 2021, based on scores from April 2020.
David Taylor, Executive Director and General Counsel at the PPF commented: “We’re extremely pleased to be formally introducing D&B as our new insolvency risk partner. Our proposals for the measurement of insolvency risk build on the strengths of our existing model. We also believe the new services we are introducing – particularly the new portal – are important developments making it quicker and easier to understand and engage with insolvency risk scores.
“We encourage our stakeholders to access scores on the new portal and give their views on the design and scope of new services, and the adjustments being proposed to our insolvency risk methodology”
The consultation is live on the new look levy section of the PPF website. For the first time, following stakeholder feedback, the PPF has made available functionality to respond to the consultation online, including the option of a short 15 minute version. The consultation document can be found here.