The Compendium

A qualifying insolvency event will trigger the start of a PPF assessment period, which is the time during which a pension scheme is assessed to determine whether the PPF should assume responsibility for it. During this period the pension scheme continues to be administered by its trustees. During the assessment period the PPF’s preferred approach is to ensure they have specialist advisers appointed to the pension scheme.

Pensions Regulator (The)

The Pension Regulator (TPR) is a public body sponsored by the Department for Work and Pensions (DWP). It aims to drive up standards and tackle risk by engaging with the pension schemes regulated by them. It is responsible for regulating defined benefit, master trusts or broader defined contribution schemes and public service pension schemes.

The PPF are responsible for:

• making sure employers put their staff into a pension scheme and pay money into it (known as ‘automatic enrolment’);
• protecting people’s savings in workplace pensions;
• improving the way that workplace pension schemes are run;
• reducing the risk of pension schemes ending up in the Pension Protection Fund (PPF);
• making sure employers balance the needs of their defined benefit pension scheme with growing their business.

[See ‘Pension Protection Fund’.]

Percentage Basis

Sometimes Insolvency Practitioners charge their remuneration/fees on a percentage basis.

This is where they will work out how much the case is likely to cost to manage, as well as the realisations and distributions, and charge a percentage to creditors based on those findings.

[See ‘Insolvency Practitioner’.]