Protecting the PPF – reporting notifiable events
As part and parcel of the Pensions Regulator’s (TPR) responsibilities towards protecting against unnecessary calls upon the Pension Protection Fund (PPF), new reporting duties came into effect on 6 April 2005. Those on the hook for reporting “notifiable” events are trustees and employers of schemes potentially eligible for the PPF. Subject to some exceptions, notifiable events will need to be reported to TPR in writing as soon as reasonably practicable whenever they arise. It is therefore essential that trustees and employers of relevant schemes have a procedure in place for dealing with this new responsibility. The new duty is set out in regulations (which came into force on 6 April 2005), a direction published recently by TPR and a code of practice currently laid before Parliament (due to the General Election, this is unlikely to be issued in final form before July 2005).