The Pension Protection Fund—eligibility and entry

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

  • The Pension Protection Fund—eligibility and entry
  • Requirements for PPF entry
  • Which schemes are eligible?
  • What is a qualifying insolvency event?
  • Types of insolvency events permitted
  • Permitted insolvency events for a company
  • Duty of insolvency practitioner to notify insolvency events (section 120 notices)
  • Can an overseas employer have an insolvency event?
  • Treatment of EU employers before IP completion day
  • Alternative route to PPF entry
  • More...

The Pension Protection Fund—eligibility and entry

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), but will not paper accept s120 notifications.

On 22 April 2020 the PPF issued guidance to members on how to avoid fraudulent scams in light of the widespread increase in the number of fraudulent calls, letters, phishing emails and smishing (text) attacks during the coronavirus pandemic. The PPF wants to reassure members that any correspondence from it is genuine and has therefore provided some tips on how to spot fraudulent correspondence.

On 28 April 2020 the PPF 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.

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