Various deadlines approach for employers and trustees in connection with the pension protection levy for 2008/09. Note that the PPF have confirmed that they will not accept data corrections to the scheme return after 31 March, "except under a very limited set of exceptional circumstances" and that all documentation required by the PPF must be complete:
- By midnight on 31 March 2008:
- The annual scheme return should be submitted to the Regulator (the PPF will use this data as at 31 March to calculate the underfunding and insolvency risks for the 2008/09 and 2009/10 levies).
- Section 179 valuations should be entered into "scheme maintenance" as part of the annual scheme return submission.
- New contingent asset certificates and contingent asset recertifications should be submitted; they should be certified to the PPF. The supporting documentation which the PPF requires must be received by the PPF in hard copy by midnight on 31 March 2008; they will not accept it by e-mail or fax.
- By midnight on 7 April 2008:
- Block transfer certificates should be submitted. These should be certified to the PPF.
- Actuarial certificates of deficit reduction contributions should be submitted. These should also be certified to the PPF.
The failure of High Point Rendel to overturn its Dun & Bradstreet rating (reported in our December bulletin here) illustrates the importance of the timely submission of PPF forms. Employers should also bear in mind the need to take up any issues they may have with their Dun & Bradstreet failure scores with Dun & Bradstreet itself now, as opposed to approaching the PPF at a later stage.
