Atkin trustees, actuaries, consultants & administrators

Current isues - January 2020

PPF’s new insolvency score portal: With Dun & Bradstreet replacing Experian from April 2020, the PPF has provided early access to the new insolvency score portal. Insolvency scores may change due to the different ways in which Experian and D&B collect and use data and therefore it would be sensible for Trustees (and Sponsoring Employers) to review their scores in the new site to check that the information D&B holds is accurate. If your score has changed significantly, we can work with you to understand why this happened and what actions you might be able to take. This includes where the impact of allowing for GMP equalisation in the company accounts has resulted in a loss rather than a profit.

Investment Services – Guidance on tenders and investment objectives: Although this is a helpful guide, if you are considering carrying out an exercise and think it would be helpful to have a third party advise on the tendering exercise then please get in touch.

Pensions Bill – Back on track: We can expect legislation on the pensions dashboard and greater powers for TPR, amongst other provisions.

The Bauer Judgement – Pension benefits not guaranteed in full on insolvency: Whilst the CJEU found that member states do not have to, in effect, guarantee occupational pension schemes in full, it has said that any reduction to a pension that would put individuals below the poverty threshold as determined by Eurostate would be ‘disproportionate’. Obviously this has implications mainly for the PPF and any scheme that bought out benefits at a level lower than the full amount promised. Brexit also has implications as the CJEU ruling will apply until the end of the transition period (which may be the end of 2020).

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The service provided was at such high level that I have subsequently introduced Richard to other Final Salary Schemes and continue to be continually impressed with the level of service. Atkin are responsive and understanding and are quick to identify potential issues before they arise. Communications between the employer, adviser, Actuary, accountant etc. are excellent & I have no hesitation in recommending them.

Mike Emery, Ashley Law