The following Pensions guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law.
This beginners’ guide considers issues of pensions law and practice that can arise in the event of the insolvency (or prospective insolvency) of employers sponsoring defined benefit (DB) and hybrid occupational pension schemes.
The PPF is designed to provide support for members of (eligible) underfunded DB pension schemes where sponsoring employers suffer qualifying insolvency events.
The legislative framework for the PPF can be found primarily in:
sections 107–220 of the Pensions Act 2004 (PeA 2004) and PeA 2004, Sch 7
the Pension Protection Fund (Entry Rules) Regulations 2005 (the Entry Regulations), SI 2005/590, and
the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (the Modification Regulations), SI 2005/441
The requirements for a scheme to enter the PFF are as follows:
the scheme must be an eligible scheme
a ‘qualifying insolvency event’ (see below) must occur in relation to a scheme employer
the insolvency practitioner acting in relation to the employer must confirm that a scheme rescue is not possible, and
the value of the assets of the scheme must be less than the ‘protected liabilities of the scheme’ (broadly the benefits that would be payable to members by the PPF)
Eligible schemes include:
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.