The Pension Protection Fund (PPF) has set up a panel of actuarial firms following the success of its assess and pay pilot project, to help it carry out section 143 valuations of pensions schemes. The pilot project had helped the pensions schemes save time and cost, the lifeboat fund said in a statement.
In order to help other pensions schemes to get through the PPF assessment period more quickly, the PPF has selected five actuarial firms. These five firms are Jardine Lloyd Thompson, Xafinity Consulting, Spence and Partners, Barnett Waddingham, and Punter Southall.
The current move follows the ‘successful’ completion of a pilot scheme earlier this year when 50 pensions schemes were transferred to PPF with the enlisted help of Punter Southall.
There are currently 336 schemes and more than 200,000 members in assessment, claimed head of operations at PPF, Phillip Beecroft.
“Our members have told us they wanted certainty sooner, the trustees and their advisers told us that they wanted a more pragmatic approach during the assessment period and our levy payers wanted to see a more efficient programme to help reduce the cost of the levy”, said Mr. Beecroft.
“Our pilot project has demonstrated that by using a dedicated actuary, with specific knowledge and expertise to carry out underfunded s143 valuations, we can save time, reduce cost and improve the quality of s143s. That is why we have decided to roll this out to other schemes in assessment”, he added.
The lifeboat fund is currently examining its own portfolio of schemes and will be selecting those schemes where a panelist will be appointed, said Mr. Beecroft.
The present panel will conduct valuations only for schemes that are both standard and underfunded. For all other schemes such as high-profile, over-funded or marginal cases however, the actuary panel is expected to carry out a section 143 valuation at a later date.