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The Pensions
Regulator (TPR) has published final guidance for trustees of occupational
pension schemes to help them meet Government expectations that key
wind-up activities are completed within two years.
TPR said the decision had been supported by the Pension Protection
Fund (PPF) and the Financial Assistance Scheme (FAS), and had been
welcomed by the industry. The expectation forms part of an aligned
approach aimed at speeding up both the wind-up and passing through
a PPF assessment period of schemes to ensure that scheme assets
are maximised, levy payment are reduced, and that member have certainty
from the earliest opportunity about the benefits they will receive.
The guidance outlines suggestions of good practice on topics such
as planning scheme wind-up and buying out annuities.
However, financial consultant Mercer has expressed concern that
the guidance does not provide enough to help trustees. Principal
at Mercer, Alicia Tse, said: “The guidance does provide helpful
background to the process of winding up and it is good to see TPR,
PPF and FAS working together. It is very generic, though, and does
not address certain key issues, including inconsistencies between
the Department for Work and Pensions and HMRC’s expectations.”
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Pensions Age July 2008
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