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Winding-up: guidance from TPR, PPF and FAS on avoiding delays
by Ian Neale 04/07/2008
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Following consultation in March 2008 (see Aries report), the Pensions Regulator (TPR) has now published guidance to help trustees of occupational pension schemes meet Government expectations that key wind-up activities are completed within two years - a target first announced by the DWP back in November 2006 (see Aries article).
An accompanying joint statement by TPR, the Pension Protection Fund (PPF) and the Financial Assistance Scheme (FAS) (as part of DWP) sets out a new coordinated and proactive approach to all occupational pension schemes in wind-up - including schemes qualifying for the FAS - and those entering a PPF assessment period. From this tripartite approach trustees should be clearer about what is expected of them. Trustees should be more focused on the task, and as a result members should have greater certainty from the start about the benefits they will eventually receive.
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