The following Restructuring & Insolvency practice note produced in partnership with Thomas Robinson of Wilberforce Chambers provides comprehensive and up to date legal information covering:
This Practice Note considers the effect of a company’s insolvency on an occupational pension scheme in respect of which the company is the sponsoring employer. It also notes consequences if the company is the trustee of the scheme. It does not consider multi-employer schemes.
On a company’s insolvency the funds in its pension scheme do not automatically form part of the assets of the company.
Where an insolvency practitioner (IP) begins to act in relation to a company which sponsors an occupational pension scheme, the IP must notify the following persons of this as soon as reasonably practicable:
the Pensions Regulator (TPR)
the Pension Protection Fund (PPF), and
the trustees or managers of the scheme
Moreover, where an 'insolvency event' (as defined in section 121(3) of the Pensions Act 2004 (PeA 2004)) occurs in relation to a company that is the employer in relation to an occupational pension scheme, there is a separate obligation for the IP appointed over that company to give notice (a section 120 notice) of the insolvency to:
the PPF, and
While both these notification obligations may be triggered at the same time, TPR has clarified that they remain separate. In other words, if both obligations apply, they should both be complied with.
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