Barnett Waddingham is among a select group of organisations to carry the newly-released PPF Trustmark badge, recognising our collaborative work with the Pension Protection Fund (PPF), our specialist knowledge and our commitment to delivering to the high standards of service set by the PPF.
The launch of the PPF Trustmark badge allows the twenty-nine panel firms that currently work across six specialist panels to display the badge on select communications. The aim is to provide reassurance to members of defined benefit (DB) pension schemes under PPF assessment and other scheme stakeholders that bearers of the Trustmark provide specialist expertise and are committed to delivering to the high standards expected by the PPF.
Barnett Waddingham's work as a PPF partner involves our appointment to the Specialist Administration and Actuarial Services Panel (SAASP) and the PPF+ Advisory Panel, where our support and advice help take schemes as efficiently as possible through the assessment period and secure the best available outcome for members.
The PPF has long used panels of experts in the industry to provide specialist advice and services. BW is proud to have been a member of one or more of the PPF’s specialist panels since the panel system was launched in 2011. Our most recent appointment was to the PPF’s risk transfer advisory panel in 2022, which is a testament to the growth of our transaction experience and capabilities with a team of over 30 individuals specialising in this area.
As of March 2023, there were just under 65,000 members in schemes being assessed by the PPF who may now see the Trustmark badge in use in the future.
Amanda Bradley, Head of PPF Administration and Partner at BW, said: "We see the launch of the Trustmark as a positive development. It will provide reassurance to scheme members that they are dealing with firms that are committed to providing a high-quality service, at what can be a difficult and uncertain time following the failure of the scheme’s sponsor."
Oliver Morley, CEO of the PPF, said: "At the PPF, we are committed to providing a positive experience to members in schemes which come into our assessment process regardless of whether they transfer to us or not.
"The Trustmark badge recognises the high standard of service our panellists provide, and we hope will reassure members who see it that they are in safe hands."
Rosie Fantom, Head of Bulk Annuities and Risk Transfer Partner at BW, added: "The Trustmark also gives reassurance to other stakeholders, such as insurers and risk transfer providers, that they are dealing with specialists who have the expertise to efficiently deliver transaction solutions that optimise outcomes for members. They can be confident of our experience and commitment to deliver transactions.
"This is crucial in today’s busy risk transfer market, which has seen over £20bn of bulk annuity deals completed in the first half of the year – nearly double last year’s first half volume."
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