Atkin trustees, actuaries, consultants & administrators

Insolvency Practitioners

We recognise the additional complications that pension matters can cause in the event of company insolvency and provide expert services to Insolvency Practitioners to help them to identify, quantify and discharge liabilities of any pension arrangement operated by the company. If pension matters are not investigated and discharged, they may come back to ‘haunt’ the IP at a later date.

Trust based Defined Contribution Schemes – Often the company will act as the Trustee and the IP will take on the responsibility for ensuring the scheme is wound-up correctly. We can provide comprehensive guidance to help the IP discharge the liabilities in the most time and cost efficient manner, ensuring that pension scheme members get their full entitlement and the costs are minimised.

Defined Benefit Schemes – We can assist the IP with drafting the S120 notice, dealing with queries raised by the PPF and Trustees as well as advising on outstanding contribution and S75 ‘debt on employer’ claims. Very often, the Trustees and PPF will ask the IP to accept an uncertified debt as an unsecured creditor. Obviously the IP has a responsibility to all creditors and we can advise on whether the claims made are reasonable and acceptable

Group Personal Pensions/Stakeholder Schemes – As these are contract based, there are fewer responsibilities for the IP but it will be necessary to ensure that contributions were up to date, claims for outstanding contributions are made to the Redundancy Payments Office and that there were no extraordinary contributions paid prior to the insolvency that might require additional investigation.

Small Self-Administered Schemes (SSAS) – As these are generally operated for Directors and Senior Staff, the IP will want to ensure that there are no monies owed or due and that no extraordinary contributions were paid in the period before insolvency.

Thank you. Excellent communication, a rarity in this world of quick communication.

Member, MESL Pension Scheme