The Pension Protection Fund (PPF) has today launched a tender to appoint a new firm to join its Specialist Administration and Actuarial Services Panel (SAASP) which provides critical assistance to the PPF and schemes when they enter the PPF assessment period.
The SAASP panel works closely with Trustees and other PPF panel advisers and plays a key role processing schemes through assessment and allows the PPF to determine with accuracy if a scheme has sufficient assets to buy out benefits with an insurer or if it will need to make a claim on the PPF and transfer into the Fund.
Dan Collins, PPF Panel Relationship Manager said: “The SAASP panel plays a vital role in our assessment of schemes after their sponsoring employer has suffered an insolvency event. We know this period is an unsettling time for members and so it’s extremely important for us to assess schemes as efficiently and as quickly as possible so we can provide them with clarity on their financial futures. The successful firm will work alongside our existing SAASP panel in delivering high-quality specialist services to trustees and members throughout this period of uncertainty and allow us to complete our PPF assessment as quickly as we can.”
The new firm will join the SAASP panel on 1 August 2022 and will provide trustees with specialist actuarial s143 valuations for schemes in assessment. It will also undertake scheme data cleansing exercises for the PPF which will ensure all recorded scheme information, including member data, is accurate, and that pensioners and beneficiaries are receiving the right levels of benefits.
It will also need to provide other critical services, if required, including ongoing scheme administration whilst in assessment including responding to member requests and calculating retirement quotes.
Dan Collins continued: “The successful firm will work within a set framework to deliver their assessment and specialist services within a set timeframe and cost parameters which delivers good value for the PPF and our levy payers.
“They will also work in partnership with the other panel firms to collaborate and share ideas which will further improve and evolve our assessment process for the betterment of the schemes, their members and the PPF.
“We look forward to receiving and evaluating responses to this panel tender over the coming months so we can appoint a new firm who is aligned with our corporate values and commence what we hope will be a long and successful corporate partnership for all.”
The SAASP panel was launched in 2016 and the incumbent firms, Broadstone Pensions Ltd, Barnet Waddingham LLP and Spence & Partners Ltd, who have all been on the panel since it was launched.
Tender proposals must be submitted by 1pm on 18 May 2022 on the PPF’s eTendering portal.