Regulations making miscellaneous changes to the some of the regulations governing the Pension Protection Fund (PPF) regime have been laid before Parliament.
Amongst other things, the regulations:
- amend the PPF entry rules (especially for European Economic Area credit institutions and insurers);
- change how the PPF revalues members benefits in relation to schemes without any rules on revaluation of benefits;
- adopt the concept of “true and fair view” for the purposes of auditing in relation to the PPF; and
- affect the amount of transfer payments and contribution refunds the PPF will pay to members of schemes in the PPF. These regulations come into force on 1 April 2009.
The government has also published its response to its earlier consultation on the draft version of these regulations.