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Barnett Waddingham
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High Court PPF ruling a ‘timely warning’

Published by Nick Griggs on

Commenting on the news that the The High Court has ruled that companies cannot challenge Pension Protection Fund (PPF) levies based on failure scores calculated using out-of-date information, Nick Griggs, partner says:

“The High Court decision in the West of England Ship Owners Insurance Services case is a timely warning that data issues arising from the cross-over to Experian as the PPF’s insolvency provider should be identified and addressed promptly to mitigate the risk of overstated levy charges.  The issues are not directly related, but there is a clear parallel.

Even before the switch to Experian comes the new D&B model for calculating insolvency probabilities, which may yet come into effect by 31 March this year and may focus on new areas where companies have not had the opportunity to review and optimise their information.  I would not expect retrospective changes to the month-end D&B scores to be allowed so it will be vital that you review your new D&B score promptly.”

 

About the author

  • Nick Griggs

    Nick advises a range of UK businesses on DB pension issues including risk reduction exercises, scheme funding, pension benefit design and accounting disclosures. He also acts as Scheme Actuary to a number of clients.

    View Biography

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