Following a consultation launched in July 2012, the Pension Protection Fund has today published formal Statements setting out the detail of the new funding determination and reconsideration process calculations. The PPF statements set out:
The corresponding template certificates that must be completed for providing estimates to the PPF have also been published.
If prompted, please SAVE the spreadsheets rather than opening.
The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (the Regulations) have exercised powers conferred by sections 143 and 151 of the Pension Acts 2004, as amended by the Pensions Act 2011.
Changes introduced in the Pensions Act 2011:
- make it possible for the PPF to use a funding determination in place of a section 143 valuation, and
- allow a scheme to make an application for reconsideration under section 151 if they are unable to obtain a protected benefits quotation.
The PPF carried out a formal consultation on how it would apply the Regulations in July 2012 and published its response to the July consultation on funding determinations and amendments to section 151 in Miscellaneous Regulations on 4 September 2012.
Updated general information on the reconsideration process can be found here:
Overfunded Schemes - Applications for Reconsideration and Closed Scheme Authorisation
A link to the July consultation document can be found below:
Consultation on Funding Determinations and amendments to section 151 in the Pension Protection Fund (Miscellaneous Amendments) Regulations 2012