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PPF Issues Guidance on Onerous Contracts

The Pension Protection Fund (PPF) has today issued guidance for trustees and counterparties on the Board’s power to modify and disclaim onerous contracts under section 161 and Schedule 6 of the Pensions Act 2004. 
The guidance includes:
  • an explanation of how the Board intends to use its power to disclaim onerous contracts
  • proposed standard wording to include in ISDA contracts between trustees and counterparties, that specifies when an Additional Termination Event will arise
  • a template of the Deed that the Board will issue to notify counterparties that it will not exercise its powers to disclaim any of the terms of the specified contract.

View the consultation response and guidance document

[Published: 08 March 2010]

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