The PPF has also published a consultation outlining its policy for the treatment of scheme valuations in light of the change in definition of money purchase benefits which is expected to become law in July (see our special May UK Pensions Update).

The consultation confirms that the PPF will only exercise its discretion to require an out of cycle valuation where the impact is "material". This will be the case where the change in the latest PPF valuation's surplus or deficit is more than 10 percent in relative terms and more than GBP5 million in absolute terms when taking account of benefits that will cease to be "money purchase" (which benefits will therefore in future need to fall within funding deficit valuations). 

Further information on the consultation, which closed on July 9, 2014, can be found here.