Olympic Airlines — PPF entry rules amended
In the Court of Appeal decision Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA in June 2013, the court held that the sponsoring employer, Olympic Airlines SA, had not experienced an insolvency event for the purposes of section 121 of the Pensions Act 2004 and therefore the scheme was not eligible to enter the Pension Protection Fund (PPF).
Consequently, the government decided to review the rules on entry into the PPF and amendments are now being made to the Pension Protection Fund (Entry Rules) Regulations 2005 to hopefully ensure the Olympic scheme will now be able to transfer to the PPF following its insolvency event.
The amendments will apply only until 2017. The changes in legislation will create a new type of insolvency event under section 121(5) of the Pensions Act 2004 known as a ‘European insolvency event’…
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