Welcome to the Restructuring & Insolvency webpage. Here you will find information to help you prepare a restructuring proposal and comply with the statutory requirements following an insolvency event. We have also included our Restructuring & Insolvency (“R&I”) Guidance notes for insolvency practitioners (“IPs”) which explain our approach to key insolvency areas.
Following a qualify insolvency event the creditor rights previously held by the trustees vest in the PPF by operation of law. Accordingly, it is vitally important that the IP notifies us of the insolvency event as soon as possible preferably using the online service (this must be done by law within 14 days of appointment or becoming aware of a pension scheme in any event). The link to the portal is below along with the other forms that the IP will need to report on whether the pension scheme can be recused or not.
The R&I team welcomes direct and early engagement with IPs and restructuring professionals. We are happy to discuss issues arising in situations where a restructuring or insolvency is likely or has occurred. All conversations will be treated in strict confidence and we are prepared to enter into discussions initially on a “no names” basis. Please feel free to give us a call or email.
PPF Restructuring & Insolvency Team Mission Statement
The team exists to minimise the call on Levy payers by maximising the return the pension scheme / PPF receives as a creditor of an insolvent or inevitably insolvent employer. We aim to achieve this through proactive engagement with our stakeholders and by providing education & feedback to assist in the understanding of the goals of the PPF and how it will meet its objectives.
Guidance for IPs
Guidance is provided for IPs to assist them with discharging their obligations under the legislation and ensuring that the requirements of the PPF met in making restructuring proposals and on the conduct of insolvencies.
Section 120 Notice
- Information on the Section 120 notice procedure and online submission can be found by clicking on our online notification service. If the response received is ‘no results returned’, please take this as confirmation that the employer details entered do not have a scheme eligible for an assessment period.
- If you are aware of a defined benefit scheme being associated with this employer and it is not showing in your search, please submit a paper S120 notice from the section below.
- If you are unsure or have any queries regarding the Section 120 notice please contact us on 0845 600 2541.
Section 122 Notices
- IPs are also required, under Section 122 of the Pensions Act, to inform the PPF about the status of pension schemes. More information can be found in our general Guidance document and the forms to use are below.
Paper Notification Forms
PPF Standard Documents for Restructurings
We have prepared a suite of standard documents to record the restructuring arrangements and governance of the business going forward. Guidance on Regulated Apportionment Arrangement documentation is also included.