Published by Ben Pullen on
At the end of 2017 we took on the role of scheme actuary, scheme secretary and administrator to the new BHS2 scheme. Working with a newly formed trustee board, we developed processes to manage the scheme within bespoke governance arrangements as agreed with TPR and the PPF as part of the deal with Sir Philip Green.
“We set up a process and structure to monitor the funding level, keeping track of the direction of travel and reporting on progress quarterly to TPR and the PPF.”
The unique position of there being no sponsor meant that it was important to work with the investment consultant to consider the level of risk. It also affected PPF levy work as the scheme was subject to special PPF rules.
Central to all of this was communication with the members. We were sensitive to the fact that they had already been through an extensive period of uncertainty.
“It was important that all communications were consistent and bespoke, and explained the certainty of benefits the new scheme would provide.”