The Pension Protection Fund (PPF) has once again updated its Restructuring Principles and Guidance for Insolvency Professionals.

The guidance sets out the criteria that need to be met by those dealing with an insolvency of a sponsoring employer. It also documents the roles and responsibilities of insolvency practitioners throughout the PPF assessment process.

Although the PPF only updated its guidance in January of this year, a further update has been made following the high profile deal to rescue the Halcrow Group Limited scheme in July and recent criticism made of the PPF and The Pensions Regulator in light of the collapse of BHS.

The PPF is not obliged to consider a restructuring proposal, and the criteria have been tightened and made clearer to ensure that advisers are not tempted to try and move schemes to the PPF unless they are the subject of an actual or inevitable employer insolvency.

Malcolm Weir, head of restructuring & insolvency at the PPF, said: “Regulated Apportionment Arrangements are rare and we do not agree to them lightly.

“We will only support such proposals if they provide a significantly better return for the pension scheme than it would receive through the normal insolvency process. These arrangements can sometimes be controversial, so we feel it is important that people have a better understanding about our approach to them.”

The documents The PPF Approach to Employer Restructuring and General Guidance for Restructuring & Insolvency Professionals can be found here.

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