PPF launches panel to improve efficiency
The Pension Protection Fund has launched a specialist administration services panel as part of its ongoing developments to help make the process smoother for scheme sponsors and trustees.
According to David Heslop, chief operating officer, the new panel will will help reduce the length of time that schemes are in assessment or wind-up.
It will also enable trustees to work with a small, core of experienced experts, encourage best practice within a specialised group, produce transparency on costs and services being delivered and leverage expertise and set standards in administration.
He said that, after consultation with industry and following a robust procurement process, eight firms were selected to provide the specialist administration services to help pension schemes complete the PPF assessment and FAS wind-up period more efficiently.
The panel comprises: Barnett Waddingham, Capita Hartshead, Jardine Lloyd Thompson, Mercer, Punter Southall, Spence and Partners, Quattro and Xafinity.
Mr Heslop said: “Our primary objective is to protect the members of schemes entering the PPF and FAS by providing assurance and certainty sooner.
“We believe that this group of specialists are best placed to take schemes through the assessment period. Not only will they enable us and trustees to reduce the time that schemes spend in assessment or wind-up but it will also give us access to a small group of specialists that will help us develop best practice, drive efficiencies and set standards in administration performance.”
The panel, which will go live this September, follows the launch of the PPF’s actuarial valuation panel, which was launched last summer.