The Pension Protection Fund—an introduction
The Pension Protection Fund—an introduction

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • The Pension Protection Fund—an introduction
  • What is the Pension Protection Fund?
  • Statutory framework
  • Eligibility and entry
  • Eligible schemes
  • Qualifying insolvency events
  • The assessment period
  • Restrictions on schemes during an assessment period
  • Admissible rules
  • Meaning of normal pension age
  • More...

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES

CORONAVIRUS (COVID-19) UPDATE: As a result of coronavirus, the PPF decided to make certain changes to its policies. For instance, the PPF will accept e-signatures and other forms of confirmation for PPF-specific documents (eg officer’s certificates). Similarly, the PPF decided not to require that hard copies of contingent asset documents be sent to them. Instead, the documents had to be emailed to information@ppf.co.uk.

On 28 April 2020 the PPF also sought to reassure PPF levy payers that COVID-19 would have a minimal impact on the amount of levy it expected to charge in 2020/21, explaining that the rules used to calculate the levy were fixed prior to the onset of the COVID-19 pandemic and the information used to calculate these invoices were largely collected before the economic impact of COVID–19 began to take effect.

Moreover, to help businesses and schemes pay their 2020/21 levy invoices, the PPF put in place an option which allows up to 90 days to pay the levy without incurring an interest charge. The PPF also introduced the option of electronic levy invoices.

For more information, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees — The PPF’s position.

The PPF has also introduced levy measures for its levy year 2021/22 which will help schemes and employers through the

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