The Pension Protection Fund (PPF) has today published its refreshed General Guidance for Restructuring & Insolvency Professionals.
In order to ensure employers do not ‘dump’ schemes in the PPF, the organisation works closely with the Pensions Regulator to ensure any scheme that enters the PPF is the subject of an actual or inevitable employer insolvency.
The guide sets out the criteria that should be incorporated in any proposals made in respect of an insolvent employer. The PPF is not obliged to consider a restructuring proposal, and to do so, the criteria must be met. The guide also provides information on the roles and responsibilities of insolvency practitioners throughout the PPF assessment process.
Malcolm Weir, Head of Restructuring & Insolvency at the Pension Protection Fund said: “Our aim is to ensure that the right amount is paid to the right person at the right time. Progressing the assessment process as efficiently as possible is vital, and insolvency practitioners play a very important role in this. This guide provides IPs with the key principles to follow. We will be issuing further guidance on specific areas of interest during the course of 2016. We would appreciate any feedback on the guidance and encourage open and honest communication.”
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. Tens of thousands of 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.
For further press information contact:
PPF Press Office
020 7566 9775