The PPF has introduced a new information-gathering ‘Scheme Questionnaire’ which will be given to schemes when they enter the PPF assessment period to support their journey from validation to compensation.
This questionnaire has been introduced because the PPF needs to gather all relevant scheme information from scheme trustees and administrators at the start of the assessment process.
It will be pre-populated with scheme information supplied on the last scheme return submitted to the Pensions Regulator.
Schemes will then be asked to update that information, if necessary, and supply any information that is missing.
The aim is to achieve ‘efficiency, consistency, accountability, visibility and professionalism’ from the outset, in line with the principles of the Assess and Pay programme.
This will enable PPF scheme delivery associates - in partnership with trustees and administrators - to take evidence-based decisions at a much earlier stage in the journey of the scheme transitioning to the PPF.
Decisions will be based on evidence supplied by scheme trustees and administrators and will be subject to regular review, particularly as further evidence is uncovered or the circumstances of the scheme change.
We believe that this innovation will provide the following benefits:
- The preparation and use of the questionnaire will lead to clear outcomes at the initial meeting, optimising time for all parties.
- It will become a consistent feature in the process, providing a clear signpost for trustees and third parties as to what information is needed and why.
- Helps trustees and administrators in planning their internal workflows and resources.
- The information gathered will serve as an invaluable audit trail for all parties and it will remove the duplicative requests currently experienced by trustees from time to time as a scheme transitions into PPF.
- Relevant information is gathered at a much earlier stage in the process.
- All information supplied is evidenced-based.
- Decisions are taken on the evidence available at the time and will be subject to regular review.
- Enables trustees and administrators to provide realistic project plans.
- Helps to achieve the PPF’s aim, articulated through the Assess and Pay programme, of reducing the assessment period, so giving our customers earlier security that their benefits will be protected.