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Emily Sturgess, Head of PPF Solutions at XPS Pensions Group comment on the PPF consultation and its possible impact. |
In February the Board of the Pension Protection Fund (PPF) announced the move from Experian to Dun & Bradstreet (“D&B”) as its insolvency risk provider. The PPF has published its consultation on the impact for schemes of this move which will apply for levies invoiced in 2021 onwards.
The PPF consultation highlights two key changes that are expected to impact scores: The consultation makes clear that a majority of schemes can expect their insolvency scores to change. The most significant changes are expected for larger employers where two thirds of employers may see scores worsen. Indicative scores for all sponsors in the PPF universe have been made available from today and schemes should check the impact on their scores. The consultation runs until 11 February 2020.
Emily Sturgess said “Schemes and employers should ensure that they understand the possible impact on their scores and future levies. While the first levies that use the new scores will only be invoiced in 2021, the scores may start counting as soon as April 2020. So there may be limited time to take action to mitigate any worsening of scores.” |
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