Today we’ve launched a Trustmark badge, which will be used by our panel firms to recognise the expertise and high level of service they provide.
During an assessment process, our panel firms help with managing schemes, making sure the information schemes hold about their members is accurate, paying benefits, and keeping members updated on progress. They play a vital role in securing the best possible outcome for schemes and their members.
Working in partnership with our panel firms, we’ve significantly improved the efficiency of our assessment process since we were set up in 2005. Before we were set up, it typically took around 10 years to wind up a scheme. Our assessment process, which has many similarities to winding up a scheme, now takes on average 18–24 months.
There are currently 29 panel firms working across six specialist panels. These firms will now be able to use the Trustmark badge - which recognises their specialist knowledge, collaborative working with us, and commitment to delivering the high standards of service - in a variety of ways.
This includes member communications for schemes in PPF assessment, on online member portals, and on scheme specific websites. There are approximately 65,000 members in schemes that we’re currently assessing who may see the Trustmark badge in use.
Our chief executive, Oliver Morley, said, “At the PPF, we are committed to providing a positive experience to members in schemes which come into our assessment process regardless of whether they transfer to us or not.
“Our panel firms perform a vital role taking schemes smoothly through our assessment process and securing the best available outcomes for members. The Trustmark badge recognises the high standard of service our panellists provide, and we hope will reassure members who see it that they are in safe hands.”
“The launch is part of our broader efforts to raise awareness among DB scheme members of the protection we provide. It also serves to showcase the success story that is our panel system. We have developed a unique and proven capability consolidating schemes into the PPF which could potentially be further harnessed for wider public benefit.”