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Professional Pensions | 09 Feb 2012 | 08:02
Categories: Defined Benefit
Topics: Ppf
Schemes with contingent assets have until the end of March to certify that they meet stringent new criteria if they are to be used to reduce their Pension Protection Fund levy.
Under the latest guidelines, published in December, trustees must certify that they have "no reason to believe that each guarantor, as at the date of the certificate, could not meet its full commitment under the contingent asset".
Trustees are required to certify all contingent assets but in place since last March and re-certify any assets that cut the levy in a previous year if they wish to continue using them for the 2012/2013 levy.
The guidance makes clear that the PPF will only recognize a contingent asset with a value that is proportionate to the actual risk reduction it provides.
The enhanced requirements apply to all Type A contingent assets, and trustees have until 5pm on 30 March to certify all new arrangements and re-certify exiting arrangements.
Categories: Defined Benefit
Topics: Ppf
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