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PPF publishes annual diversity pay gap report

The Pension Protection Fund (PPF) has today released its sixth Diversity Pay Gap report which shows the progress it has made in addressing the imbalances in pay across gender and race. This year for the first time the report covers the PPF’s disability and long-term health condition pay gaps.

Reflecting on Race Equality Week

At the PPF,  it’s everyone’s responsibility to build an inclusive culture, tackle racial inequality and work towards our goal of increasing ethnic minority representation.  

eligibility-application-form

Compensation cap factors valid for previous periods

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.

Technical guidance for previous periods

Here you'll find all the necessary valuation guidance and factors that were valid for previous periods. Please use the links below: Valuation guidance valid for previous periods

The role of trustees during assessment

The role and responsibilities of panel trustees include:

Restructuring professionals and insolvency practitioners

Our Restructuring and Insolvency team are always happy to speak with you about any concerns you have.

Scheme trustees

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 insolvency practitioner's role in the assessment process

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.

Practical tips to help trustees manage risk

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.