The deadline for certifying PPF contingent assets, including guarantees, is approaching on 31 March 2015. We recommend that schemes recertify any existing contingent assets (or certify any new contingent assets) in good time before the deadline.

In particular, the PPF's requirements for certification of guarantees this year have changed from those in previous years. Trustees must now certify a fixed cash sum called the "Realisable Recovery" which is, broadly, an amount that the Trustees are reasonably satisfied each certified guarantor could meet if called upon to do so. The PPF has prepared a useful summary document regarding how it tests guarantor strength, and what it expects of Trustees. The guidance can be found here