The consultation can be found here
The Pensions Regulator has issued consultation on changes to its good practice guidelines on winding up (originally issued in June 2008). Consultation closes on 5 May 2010.
The new draft guidance splits the key activities between DB and DC. As with the current guidance, these should be completed as soon as reasonably practicable and “certainly within two years”. There should be few exceptions to this deadline.
Click here to view table
The changes are relatively minor. They include removal of all mention of the equalisation of GMPs (even though the consultation was issued after Angela Eagle’s ministerial statement) and the following new items:
- Delay may be justifiable where buying out with an insurer is impracticable (documentary evidence of the difficulties should be provided).
- The ‘project planning’ section now includes establishing the budget available to allow the wind-up tasks to be carried out cost-effectively and in accordance with the scheme’s ability to fund such costs.
- The use of social networking sites is suggested for tracing missing members.
- References to the new record-keeping guidance are scattered throughout, emphasising further the importance of general record keeping to a winding up.