The following Pensions practice note produced in partnership with Squire Patton Boggs and Catherine Lonergan of Eversheds Sutherland (International) LLP provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES
Members’ normal pension age under the scheme’s admissible rules needs to be ascertained so that:
an eligible scheme can provide the Pension Protection Fund (PPF) with an actuarial valuation of the scheme’s assets and protected liabilities at prescribed intervals for the purpose of enabling the PPF to calculate risk-based pension protection levies
where the scheme is in an assessment period, the PPF can obtain an actuarial valuation of the scheme’s assets and protected liabilities as at the relevant time
the PPF can ascertain the date from which compensation will be paid to an individual (and the level of that compensation) under the pension compensation provisions of the Pensions Act 2004, s 162 and Sch 7 (PeA 2004)
For more information on how to determine a scheme’s admissible rules, see Practice Note: The Pension Protection Fund—what are the admissible rules of a scheme?
For more information on the risk-based pension protection levies, see Practice Note: The Pension Protection Fund—the pension protection levy.
The protected liabilities of the scheme are determined (among other things) by reference to the cost of securing benefits for, or in respect of, the members of the scheme which correspond to the compensation payable in accordance with the pension compensation provisions
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