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The Actuary The magazine of the Institute & Faculty of Actuaries

PPF appoints actuarial panel for s143 pension valuations

The Pension Protection Fund (PPF) has appointed a panel of five actuarial firms to help carry out Section 143 (s143) valuations for pension schemes in assessment.

The firms - Barnett Waddingham, Jardine Lloyd Thompson, Punter Southall, Spence and Partners and Xafinity Consulting - have been selected to work with the lifeboat fund to help get other schemes through the PPF assessment period more quickly.

The appointments follow the successful completion of a pilot project earlier htis year that saw 50 schemes transfer into the PPF with the enlisted help of Punter Southall - the firm selected to undertake the trial.

"We currently have more than 200,000 members and 336 schemes in assessment," said Phillip Beecroft, head of PPF operations.

"Our pilot project has demonstrated that by using a dedicated actuary, with specific knowledge and expertise to carry out underfunded s143 valuations, we can save time, reduce cost and improve the quality of s143s. That is why we have decided to roll this out to other schemes in assessment."

The PPF says it is currently assessing its existing portfolio and will be selecting those schemes where a panellist will be appointed. Currently, the panel will only conduct valuations for schemes that are both underfunded and standard. For all other schemes such as marginal, over-funded or high-profile cases the scheme actuary will still be expected to carry out an s143 valuation.