Barnett Waddingham successfully transfer five sections of the Industry-Wide Schemes to the PPF

Published by Ben Pullen on

Barnett Waddingham has successfully transferred the administration for five sections of the Industry-Wide schemes to the Pension Protection Fund (PPF) - the largest transfer to the PPF since it brought its member services in-house.

The Scottish Coal Company Ltd and UK Coal Operations Ltd went into administration in 2013, with Barnett Wadddingham then appointed to carry out the pension scheme PPF assessment work. The schemes, comprising over 7,500 members, were prepared for transfer to the PPF with the intital assessment period completed by July 2014.

Barnett Waddingham subsequently continued to work closely with the PPF for the efficient transition to the PPF Member Services team.

"We are very pleased to have been instrumental in the transfer of these schemes. Our team has supported the members throughout the process offering a dedicated helpline, guidance and reassurance. The transfer is the culmination of the hard work of our team, the trustees and the PPF and offers continued security to the members for the safety of their pensions."
Ben Pullen Partner and panel actuary to the Industry-Wide schemes