In addition to the Report discussed above, TPR, the PPF and the FAS have issued a tri-partite statement on the regulation of schemes in wind-up and in a PPF assessment period. The statement confirms that the three organisations are committed to working together to ensure a consistent approach. It also details their respective expectations, the support they will provide and the circumstances in which they will intervene.
TPR has published good practice guidance on winding-up schemes which outlines the principal causes of delay to wind-up. Guidance from the PPF will be principle-based and will provide trustees with a standard framework in which to operate their schemes. The FAS will issue regular updates and guidance to qualifying schemes to outline its expectations.
Enforcement will be through the use of existing statutory powers.
All three organisations recognise that there will be some very limited exceptions to the relevant
timescales. The statement makes clear that for schemes within a PPF assessment
period, these exceptions will be dealt with on a case-by-case basis. The statement also sets out the
exceptions for schemes in wind-up which are subject to change from time to time.
View thestatement (138KB)(pdf).