8 November 2005 - Consultation on key PPF regulations announced
A key series of Regulations governing the Pension Protection Fund (PPF) will be consulted on by the Department for Work and Pensions confirmed Minister for Pensions Reform, Stephen Timms today.
Industry and stakeholders will be invited to comment on the Regulations that
relate to: the technical aspects of the PPF levies, valuation of the PPF, transferring
a scheme to the Board of the PPF, reviewing decisions made by the Board, compensation
and PPF information and administrative functions.
Stephen Timms said:
“The Pension Protection Fund has been set up to provide statutory compensation to members of a defined benefit occupational pension scheme where the employer has become insolvent and the scheme is under funded.
“These Regulations set out the fuller detail of a range of structural requirements to support the Pension Protection Fund. Our proposals will provide the necessary support for the Board of the Pension Protection Fund in its operations”.
The consultation will run until 3 January 2006.
Notes for Editors
- The full list of regulations being consulted on are:
- The Occupational Pension Schemes (Pension Protection Levy and Miscellaneous Amendment) Regulations 2006.
- The Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006. These apply to both defined benefit and defined contribution occupational pension schemes.
- The Occupational Pension Schemes (Levies) (Amendment) Regulations 2006.
- The Pension Protection Fund (Compensation) (Amendment) Regulations 2006.
- The Pension Protection Fund (Administration of Compensation Payments) Regulations 2006.
- The Pension Protection Fund (Entry Rules) (Amendment) Regulations 2006.
- The Pension Protection Fund (Assumption of Responsibility, Discharge of Liabilities and Equal Treatment) Regulations 2006.
- The Pension Protection Fund (Reviewable Matters) and (Review and Reconsideration of Reviewable Matters) (Amendment) Regulations 2006.
- The Pension Protection Fund (Valuation of the Pension Protection Fund) Regulations 2006.
- The Pension Protection Fund (Provision of Information) (Amendment) Regulations 2006.
- DWP is aiming to make and lay these Regulations early in 2006 to come into force in April 2006.
- The consultation document is on the DWP website at www.dwp.gov.uk/consultations/2005/
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