The Pension Protection Fund (PPF) has launched a new panel to provide support to trustees of schemes whose sponsoring employer in in the ‘stressed’ or ‘distressed’ stage of business recovery.

The pension lifeboat has named 11 firms to the Trustee and Support Services panel, which the PPF hopes will improve the pre- and post-insolvency experience for both members and trustees.

The appointed companies have been included to provide expert advice when employers are struggling or are expected to enter a PPF assessment period.

They will advise on various issues including covenants, restructuring, contingency planning, moral hazard, and provide transactional expertise.

These firms are: 2020 Trustees, CVR Global, Dalriada Trustees, Deloitte, FRP Advisory, ITS, KPMG, Lincoln Pensions, Open Trustees, Punter Southall Governance Services, and Smith & Williamson.

Commenting on the launch, PPF director of scheme services, Sue Rivas, said: “I’m very excited about the new panel we have created.

“We’ve broadened the range of services available for employers and trustees of defined benefit pension schemes where the employer is in a stressed or distressed situation. This panel of experts will supplement the trustees’ own business as usual skills and experience.

“We very much hope this will lead to better member outcomes as well as extending our understanding of the issues that schemes experience pre-insolvency.”

The PPF said that trustees can now appoint a recommended expert panellist at an earlier stage than previously to try and reduce claims on the pension lifeboat.

Furthermore, in the event of a company insolvency, the panel will ensure that the scheme is fully prepared for entry into the assessment period.

PPF director of restructuring and insolvency, Malcolm Weir, concluded: “We believe it is important that trustees have the expertise needed to protect schemes’ interests and maximise the likelihood of delivering the best outcome for the scheme and the PPF.

“We encourage scheme trustees to recognise their knowledge gaps and to appoint a panel trustee and/or restructuring and insolvency adviser to support them with specialist advice as early as possible.”

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