Pensions update — February 2013
Nabarro has released its pensions update for February 2013.
Deadlines for submitting information to the PPF for the 2013/14 levy are approaching. It is very important for schemes not to miss these if they wish that information to be taken into account in the calculation of the levy. Failure to provide the information on time will mean missing out on a potential reduction in the risk-based levy.
The PPF has revised its guidance for schemes wishing to submit a Type A contingent asset (group/parent company guarantee) in order to reduce their 2013/2014 levy payment. Although the wording of the certificate is the same as last year, trustees must value the strength of the guarantor on the assumption that the employer is insolvent, i.e. take account of “the reasonably foreseeable impact of the insolvency of the employer whose liabilities are being guaranteed, assuming that were to occur in the near future”…
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