The DWP is consulting on the PPF (Miscellaneous Amendments) Regulations 2008 (the Regulations). The draft Regulations make the following proposed changes:
Regulation 2 amends the PPF (Entry Rules) Regulations 2005 to:
- allow the trustees of schemes whose sponsoring employer is a European Economic Area credit institution or insurer to apply for entry to the PPF in the same way as trustees of other institutions that cannot experience an insolvency event;
- correct a missing cross-reference to regulation 7A in regulation 10 of the Entry Rules;
- allow the PPF Board to pay compensation to those entitled to benefits in respect of members who died before the scheme's assessment period started but payment had not been made prior to PPF entry; and
- adopt an actuarially recognised concept of a "true and fair view" rather than a "true and fair value" in audited scheme accounts.
- Regulation 3 adds a new regulation to the PPF (Compensation) Regulations 2005 so that Schedule 7 of the Pensions Act 2004 is amended by the removal of the requirement to revalue PPF compensation in cases where the rules of the scheme which has transferred into the PPF did not provide for this.
- Regulation 4 amends the PPF (Provision of Information) Regulations 2005 so that any requirement for the trustees to provide information to a scheme member is satisfied where the trustees have sent that information by post to the member's last known address.
- Regulation 5 amends the PPF (Valuation) Regulations 2005 to adopt an actuarially recognised concept of "true and fair view" rather than "true and fair value" in relevant accounts.
The consultation period ends on 12 February 2008.
View the consultation document (251KB) (.pdf)