The introduction of the Pension Protection Fund (PPF) has added an additional expense to running a defined benefit pension scheme. The levy is often a significant amount and hopefully your scheme will never benefit directly from it.
Although the PPF levy invoice will be addressed to the trustees the cost will ultimately fall on the employer. Therefore, it is important for employers to explore every possible option for minimising the levy. Many of these options are very simple but can lead to a significant and worthwhile saving to the employer.
When considering some of the more sophisticated options, such as putting in place a contingent asset, it is important that the employer takes professional advice. All relevant matters need to be considered – financial as well as other, less quantifiable issues – as well as possible unintended consequences.
Our advice is based on considerable experience in this area and an in depth understanding of the calculations that will be carried out by the PPF in determining your levy.
The PPF has released its 2019/20 PPF levy consultation, setting out its plans for calculating the levy to be invoiced in autumn 2019.
The headline news is that the PPF is expecting to collect a total levy that is 10% lower than last year, reflecting the PPF’s strong financial position. So, what changes will there be and what do we need to do? The blog explores more.
Regulated apportionment arrangements are becoming more common as stressed employers look to cut ties with their pension scheme. We look at the settlement agreed with the Pensions Regulator for Hoover Limited.
In this issue of News on Pensions we review the latest updates following Budget 2016, along with a round-up of the latest news from The Pensions Regulator and The Pension Protection Fund.
This edition of Current Pensions Issues includes several actions for trustees surrounding the end of contracting-out, Integrated Risk Management, Persons of Significant Control and PPF Levies.
Following the Chancellor's Budget speech we review any pensions-related issues including details of the Lifetime Individual Savings Account (LISA). We also take a look at Pension transfers, early exit charges and the abolition of contracting-out.
Then focus of the survey was the transition from Dun & Bradstreet to a bespoke insolvency risk model with Experian. The survey also considered areas such as the change to the contingent asset certification process, mortgage exclusions and LMS schemes.
We played a critical role in helping secure the pensions of 9,000 BHS staff. Our work for this client has been very much a team approach, with a number of service areas coming together to provide advice and support to achieve a superb result.
The BHS2 pension scheme has concluded a buyout with Pensions Insurance Corporate (PIC) covering £800 million of liabilities and all of the approximately 9,000 members.
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.
A raffle held at the Barnett Waddingham staff Christmas party has helped to raise additional financial support for Crisis at Christmas – the charity that aims to end homelessness and help change people’s lives for the better.