The Pension Protection Fund (PPF) has today launched a new Trustmark initiative, which will provide its panel firms, including LCP, with a badge that recognises their expertise and high level of service supporting defined benefit pension schemes in relation to the PPF’s assessment process.
The PPF has long used panels, made up of experts, whose role is to provide specialist advice to help schemes move through the PPF assessment process as quickly and efficiently as possible. Some panels also support schemes where the sponsoring employer is in distress; others provide services directly to the PPF.
LCP was appointed to the new specialist ‘PPF+’ panel in 2022. This panel provides transaction advice to schemes in PPF assessment that are overfunded on a PPF basis, referred to as ‘PPF+’.
There are currently 29 panel firms, including LCP, working across six specialist panels. LCP, alongside the other firms, will now be able to use the badge, which recognises their specialist knowledge, collaborative working with the PPF, and commitment to delivering the high standards of service set by the PPF.
Oliver Morley, CEO of PPF, said: “At the PPF, we are committed to providing a positive experience to members in schemes which come into our assessment process regardless of whether they transfer to us or not. Our panel firms perform a vital role, taking schemes smoothly through our assessment process and securing the best available outcomes for members. The Trustmark badge recognises the high standard of service our panellists provide, and we hope it will reassure members who see it that they are in safe hands.”
The PPF has transferred over 1,090 schemes since it was set up in 2005, and currently looks after almost 300,000 members. Working in partnership with its panel firms, over time the PPF has greatly improved the efficiency of its assessment process. Before the PPF first opened its doors, it typically took around 10 years to wind up a scheme; a PPF assessment process, which bears many similarities to winding up a scheme, takes on average 18–24 months.
Oliver Morley added: “The launch of the Trustmark supports our broader efforts to raise awareness among DB scheme members of the protection we provide. It also serves to showcase the success story that is our panel system. We have developed a unique and proven capability consolidating schemes into the PPF which could potentially be further harnessed for wider public benefit.”
Jess Horner, Senior Consultant at LCP, commented: “We are delighted to receive recognition from the PPF and to be part of this significant initiative. We are dedicated to providing the best possible service, support and advice to defined benefit pension schemes, specifically working with the PPF on insurance solutions for overfunded schemes, and we are excited to expand our collaboration with the PPF as part of this.”
You can read more about the PPF+ Panel on the PPF website: PPF+ advisory panel launch | Pension Protection Fund, or get in touch with one of our de-risking specialists to discuss further.