Managing a pension scheme through a Pension Protection Fund (PPF) assessment period is a challenge that is unfortunately being faced by more and more trustees. There are complex technical issues and tough deadlines to face, while at the same time trustees need to communicate with members who may be worried about their pensions.
Barnett Waddingham has put together a specialist and dedicated team of experienced individuals to help guide trustees through the assessment period. We have significant experience of schemes in the PPF assessment period and were instrumental in achieving the successful transfer to the PPF of one of the first and largest schemes to enter assessment.
Our aim is to make sure that schemes transfer as quickly and efficiently as possible, within two years, by working closely with the trustees to manage progress against a plan and cost structure agreed with the trustees and PPF caseworker.
Meeting your requirements
When an assessment period starts the responsibilities placed on trustees change significantly. There could be a steep learning curve and we are happy to provide training for any trustees who may be unfamiliar with the issues. Ensuring accurate data and adjusting benefits will be a key initial stage, as well as ensuring that the investment strategy is appropriate to minimise risk. Communicating with members who will inevitably be concerned about their benefits will also be key. We are well placed to help trustees with all these issues.
We provide both actuarial and administration PPF services and are happy to provide all the services, or work alongside existing providers if more suitable.
Our Approach
We recognise that PPF work requires dedicated effort, planning and expertise to ensure that the tight timescales are met and correct benefits paid. Our dedicated PPF team is not distracted by ongoing client work and is driven by making sure that PPF assessment work is completed successfully. We are proactive in our approach, striving to deal with all issues as soon as they arise. We were involved with the first schemes to enter PPF assessment and many others since and therefore have first-rate knowledge of specialist PPF issues.
Barnett Waddingham’s core skills and culture of providing high quality and personalised administration and consultancy services, at competitive fee levels, have been embraced by our PPF team.
Project planning
We have a thorough understanding of the PPF process and are happy to guide trustees through the assessment period. We are flexible and can adapt to each trustee board’s way of working. We agree a detailed project plan with the trustees, aiming to achieve transfer to the PPF in less than two years. We monitor progress against the plan and report regularly to the trustees.
Barnett Waddingham’s PPF Project Manager is a senior member of the client team and is actively involved in the operational work. The project manager is responsible for ensuring the smooth delivery of our service in accordance with the agreed timescales and budget.
Schemes already in assessment
Our dedicated team can add value for schemes that are already in assessment. A thorough understanding of the PPF is vital for meeting the tight timescales. Our detailed take-on process ensures that we understand the historic background of the scheme. We do not charge for set-up. Taking on the data is incorporated in the data cleaning process so there is no duplication of cost.
Further information
For further details on the PPF including the latest proposals for changes to the levy please visit our special website www.thelevyforum.co.uk or email the dedicated PPF services team.