The Pension Protection Fund (PPF) has published guidance on calculating and certifying block transfers in the 2011/12 levy year.
The original guidance has confirmed that:
- in relation to the 2012/13 levy year, there will be no reporting deadline for qualifying transfers in June 2011, so there will be more time to certify block transfers if desired; and
- from 2011/12 onwards, a block transfer can be certified as soon as the pension scheme liabilities have been transferred, whether or not any of the corresponding assets have gone across.
The latter is a significant change as the previous requirements were that the assets had to be transferred as well.
Schemes are reminded that the deadlines for certification for the 2011/2012 are:
- 5pm on 30 June 2011 for full transfers; and
- 5pm on 30 June 2010 for qualifying transfers.