The Pension Protection Fund (PPF) announces today the departure of Oliver Morley, Chief Executive, who will be leaving in December 2023 to take up a new role as the Chief Executive of The Money and Pensions Service (MaPS).
It’s not always the case that when a pension scheme’s sponsoring employer fails, and the scheme enters PPF assessment, it ends up transferring into the PPF. If the scheme has enough assets to buy higher benefits for its members than we would pay, it’ll buy out benefits outside of the PPF.
In May 2021, we announced that we had retained our ServiceMark customer service accreditation. To maintain our high levels of service, we're sending out a survey to members and staff today to find out more about their experiences.
Here you'll find all the guidance you'll need to complete a valuation in line with sections 143, 152, 156, 158 and 179 of the Pensions Act 2004. Section 143 valuations This section is relevant for actuaries completing a valuation to determine a scheme's funding level.
Paragraphs 26 and 27 of Schedule 7 of the Pensions Act 2004 set out the circumstances in which the compensation cap applies and how and when it should be increased. In July 2021 the Court of Appeal ruled the PPF compensation cap was unlawful on the grounds of age discrimination, so we’re no longer applying it and we’re removing it from affected PPF pensioners. The information below is provided for advisers who still need to refer to previous calculation tables and factors.
We work with scheme trustees and their advisors when a sponsoring employer is in financial distress or facing a major change or ‘event’ – such as a restructuring arrangement or potential insolvency – which might trigger the entry of an eligible scheme into PPF assessment.
The PPF Trustmark is used to recognise the expertise and high level of service of our panellist firms.
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