Pension Protection Fund

Waterford Crystal balls and Eurovision: could Ireland’s nightmare affect the PPF, the UK and beyond?

Stephen Beattie

Waterford Crystal’s 2009 insolvency has led to broken glass, broken retirements and is symptomatic of Ireland’s broken dreams. The European Court of Justice’s recent decision in the related Hogan case has led some to question the ripple effect on pension protection in the UK and throughout Europe. Peering into my (not Waterford) crystal ball, what Read More

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Keeping an eye on your pension scheme’s statutory employers

Emma Bichard

Nowadays, pension scheme trustees have to declare the identities of a scheme’s statutory employers every year on the scheme return. There’s a reason for this: trustees have to be vigilant to the risk of being left without a statutory employer and therefore losing members the protection of the Pension Protection Fund. It isn’t always obvious Read More

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PPF assessment speeding up means changes to ISDAs

Chris Jackson

Following changes to the law earlier this year, it should be quicker for some pension schemes whose sponsoring employers have gone insolvent to go through their Pension Protection Fund (PPF) assessment period.  This is to be welcomed, but the wording of the derivative contracts which some trustees enter into with banks (known as ISDA contracts) Read More

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Pension Protection Fund busts ghost guarantors!

Stephen Beattie

“I ain’t afraid of no ghost!” I hear you say.  Well, if you’re a pension scheme trustee with a ghost guarantor, maybe you should be!  The Pension Protection Fund contingent asset regime’s been with us for a few years now.  Underfunded pension schemes get lower PPF levies if they’ve got a funding guarantee from a Read More

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Could the Eurozone crisis mark the end of Type C contingent assets for Pension Protection Fund purposes?

Jessica Kerslake

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 Read More

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