Running a pension scheme can be complex and challenging. This is particularly true where the employer is in difficulty. It's important that as a trustee, you understand the sorts of challenges you’ll face when there’s an increased risk of your employer going bust. So we've published a new guide, Contingency planning for employer insolvency, to help you.
If you need further help and support, please feel free to give us a call or email. We welcome direct and early engagement and always treat all conversations in strict confidence, even speaking on a ‘no names’ basis initially if you prefer. General guidance on insolvency and the assessment period These notes will help you meet your statutory obligations and our expectations conducting insolvencies during the assessment period.
The assessment period starts with a qualifying insolvency event. You must file notice of the insolvency – an S120 notice – within 14 days of your appointment or of becoming aware of the existence of the pension scheme. Without that, it’s not possible to make a start on the work that needs to be completed during the assessment period. By law, we exercise the trustees’ rights against the employer during the assessment period. So we need to know about the insolvency as soon as possible.
The Pension Protection Fund has today published its consultation document on its proposed levy rule for schemes without a substantive sponsor, for inclusion in the 2017/18 Levy Determination.
The Pension Protection Fund (PPF) has published a consultation document proposing changes to the actuarial assumptions used in s179 and s143 valuations.
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