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.
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
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.
Read Technical News to get in-depth analysis of new regulations and other important developments in pensions. Download copies of Technical News Technical News – Issue 10 This was published on 29 June 2018.Download Issue 10
In line with the equalisation of pensions, the Pensions Act 2004 requires our compensation to be paid on a basis that is no more or less favourable to a woman or man, in respect of pensionable service on or after 17 May 1990. In order to do this, our calculation of compensation has to take into account any differences in scheme benefits that are due to differences in the calculation of GMPs for men and women.
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.
There are three types of contingent asset arrangements which - providing certain requirements are met - can reduce the amount of risk-based levy your scheme will pay.� Types of contingent assets Type A: Guarantees from a parent or group companyType B: Cash, UK real estate and securitiesType C: Letters of credit and bank guarantees
All eligible schemes pay the levy to help make sure their members are protected.
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