“Thanks for all your help!”
“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. PSGS is geared to delivering that.”
“When requesting information by email, I have noticed that there is 'out of hours activity' to answer me. I regard this as a stand out 'above and beyond' - impressed.”
“I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.”
“Clare Owen has been a really excellent scheme secretary”
“Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”
The PPF looks to bring in a Trustee Panellist on all underfunded cases to more efficiently project manage pension schemes that are in PPF assessment. For members, continuity is important. If we were appointed at this stage (or when the pension scheme sponsor is in distress) and the scheme later entered the PPF, there would be no need to change trustee again at what can be a particularly scary time for members.
Client: pottery manufacturer pension scheme with over £200 million in assets and 7,000 members
Objective: manage a large pension scheme through the PPF (Pension Protection Fund) assessment process after a well-known pottery group’s insolvency
What we did: we conducted a comprehensive assessment of the scheme, including:
The result: happily, our work resulted in the pension scheme being successfully transferred into the PPF
We have been acting as professional independent trustee to pension schemes in PPF assessment since the PPF was established in 2005. Our specialist PPF team have nearly 60 years’ PPF experience between them and have managed several high profile schemes through assessment to transfer. We have dealt with PPF schemes from £500,000 to £370m, including Wedgwood, Royal Doulton, Robert Horne & Howard Smith and Hoover.
Client: European bank
Issue: the pension scheme sponsor was effectively insolvent after the transfer of its assets to another bank (during the Euro crisis) - transfer to the PPF would be the best outcome for the scheme’s members, but the sponsor was not a UK company
What we did: we successfully helped the scheme enter the PPF under s129 Pensions Act 2004 (as applicable to EEA Credit Institutions)
The result: the scheme has entered PPF assessment
If your pension scheme is about to enter PPF assessment or the scheme sponsor is at risk of insolvency, contact us to find out more about our specialist service.
Read the blogs
Are you really sure…? Learning lessons from PPF cases
Regulated apportionment arrangement (RAA)
Achieving financial certainty in closing pension schemes