UK - The Pension Protection Fund has launched an updated online reporting system for insolvency practitioners.
The company said the new s.120 insolvency event notice online reporting system now enables IPs to "completely fulfil their regulatory obligations at the click of a mouse".
Under the Pensions Act 2004 insolvency practitioners have two weeks to file an s.120 with the regulator, the PPF and the trustees and managers of the scheme following their appointment or of becoming aware that the employer was sponsor of an occupational pension scheme.
Alexander Forbes said under the old paper-based system IPs were failing to meet the deadline when an unknown pension schemes came to light some months after their initial appointment to an insolvency.
Associate director Darren Toms said: "The PPF has responded extremely well to the concerns we highlighted last year. Any IP who uses the online s.120 reporting system within two weeks of their insolvency appointment is deemed to have reported in full even if an unknown scheme comes to light much later in the day."
While the new system meets IPs regulatory reporting responsibilities it does not fully discharge a practitioner's full responsibility towards employer sponsored pension schemes in an insolvency.
Toms added: "The system isn't foolproof and IP's must not be lulled into a false sense of security that they have met all their obligations. During an economic downturn employer's financial commitment to their schemes - especially DC schemes - is often being breached with disastrous and expensive consequences and it's a fact that the pension scheme is often the biggest creditor in an insolvency event.
"Add in the fact that there will be many non-registered pension schemes that the online facility will miss, and it's clear that IPs have more to think about than simply reporting schemes online."
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