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08

PPF looks ahead to update its framework model

Open-access content 5th August 2016

The Pension Protection Fund (PPF) has updated its plans for the third levy triennium, which will start in 2018.

2

It is examining what changes to the Experian insolvency model might be appropriate, including the case for using credit ratings, where available, and industry specific scorecards for regulated financial services entities.

The PPF is also reviewing the employer segmentation that underpins the model and how to manage the impact that accounting standard changes - in particular FRS102 - may have on variables it measures.

PPF general counsel David Taylor said: "While the framework adopted for 2015-16 onwards, including the Experian model, is working well, we are grateful to those stakeholders who have already shared their thoughts on the levy rules with us.

"The PPF-specific model has been broadly popular, as has the web-based portal. The first year's invoicing using the model has been positive, with a significant drop in appeals. There are clearly areas where we can continue to develop the model to better reflect the risk that some schemes and their employers pose to us."

A formal consultation will follow at the end of the year. The PPF intends to publish draft levy rules and a levy estimate for 2017-18 this autumn, changes to which are expected to be limited.

Meanwhile, the PPF has selected its new Specialist Administration and Actuarial Services Panel. It comprises Barnett Waddingham, Mercer, Quattro Pensions and Spence & Partners, who will provide administrative and actuarial services during the PPF assessment period, replacing the previous model of two separate panels.

Sue Rivas, PPF deputy director of scheme and member services, said: "The new model, combining the previously separate actuarial and administration services panels, will provide greater consistency and efficiency during the PPF assessment period, in order to maximise resources and achieve certainty for scheme members."

The new panel began work on 1 August, with initial contracts running for two years, with the option of two further 12-month extensions.

This article appeared in our August 2016 issue of The Actuary.
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