Earlier this month Chris Jackson posted on the changes that have been made to PPF Type A guarantees under this year’s Pension Protection Fund levy determination, published in December 2011. Whilst Type A guarantees are by far the most popular type of contingent asset for PPF purposes, we do have a number of clients who have put in place or are looking to put in place Type C letters of credit. However the current Eurozone crisis is reducing the number of financial institutions that can meet the right criteria.
Archive for January, 2012
Could the Eurozone crisis mark the end of Type C contingent assets for Pension Protection Fund purposes?Thursday, 26 January 2012
Christmas is over for another year and, with the last mince pie eaten and New Year’s resolution forgotten, everyone seems finally to have come back to work for a rest. Sadly there won’t be much time to rest for those pension schemes whose sponsoring employers are considering putting PPF contingent assets in place, the most popular by far being Type A guarantees. The deadline of 5pm on 30 March 2012 for submitting the paperwork might seem very far away but don’t be fooled by that*. (more…)