♦ PPF to set up three new panels for its assessment and wind-up processes
♦ Provides more certainty to both PPF and FAS members
♦ PPF to seek official expressions of interest early in 2013
♦ Before this, interested parties to be consulted on developing panels
In its drive to provide certainty to its members as soon as possible, the Pension Protection Fund (PPF) today (Thursday) signalled its intention to expand the range of professional panels it uses to manage schemes through its assessment and wind-up processes.
This is the latest development in a programme which is designed to push pension schemes through PPF assessment and Financial Assistance Scheme (FAS) wind-up more quickly and efficiently. The three new panels will be: trustee advisory panel, assessment process legal panel and auditors panel.
Head of Scheme Delivery, Sue Rivas, said: "It has never been more important to provide certainty to both PPF and FAS members as soon as we can. We have made great strides but believe the setting up of these three new panels will bring substantial benefits not just for our members but for our levy payers too.
"We will be asking for official expressions of interest early in 2013 but between now and then we will be consulting with interested parties about how these panels will work and develop in the future."
During 2011/12, the PPF established actuarial and specialist administration services panels, a move which has already led to improvements. In March, the PPF transferred a scheme with 443 members in just over 10 months, the first to be transferred in less than a year. Any interested party who wants further information should contact the PPF's Operations Solutions Consultant, Paul Gibbon, at paul.gibbon@ppf.gsi.gov.uk.
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