News
Pension Protection Fund PPF) - new powers
Thursday, November 15, 2012New powers have recently been introduced under the Pensions Act 2011 designed to simplify the PPF’s entry processes. The powers allow the PPF to use updated funding information in place of a full section 143 valuation for a scheme entering an assessment period.
This might be done using a valuation undertaken for the purpose of calculating the scheme’s most recent pension protection levy. In addition, trustees of a scheme that is 100% funded on a section 143 basis but who cannot afford to secure members’ protected benefits with an insurance policy will now find it easier to apply to have their scheme accepted by the PPF.