The Pension Protection Fund (PPF) has launched a tender to appoint a specialist firm to its Specialist Administration and Actuarial Services Panel (SAASP).

The pensions lifeboat stated that SAASP provides ‘critical’ assistance to the PPF and schemes when they enter the PPF assessment period.

Firms on the panel work with trustees and other PPF panel advisers to process schemes through PPF assessment, which enables the PPF to determine whether a scheme has sufficient assets to secure a buyout with an insurer or whether it will need to make a claim and transfer into the PPF.

Broadstone Pensions, Barnett Waddingham and Spence & Partners are the incumbent firms on the panel, with all three being on the SAASP since it was launched in 2016.

The successful applicant will join the panel on 1 August 2022 and will be required to provide trustees with specialist actuarial s143 valuations for schemes in assessment.

It will also undertake scheme data cleansing exercises for the PPF to ensure that all recorded scheme information, including member data, is accurate, and that pensioners and beneficiaries are receiving the correct levels of benefits.

If required, the newly appointed firm will also need to provide other ‘critical services’, such as ongoing scheme administration while the scheme is in assessment, including responding to member requests and calculating retirement quotes.

“The SAASP panel plays a vital role in our assessment of schemes after their sponsoring employer has suffered an insolvency event,” commented PPF panel relationship manager, Dan Collins.

“We know this period is an unsettling time for members and so it’s extremely important for us to assess schemes as efficiently and as quickly as possible so we can provide them with clarity on their financial futures.

“The successful firm will work alongside our existing SAASP panel in delivering high-quality specialist services to trustees and members throughout this period of uncertainty and allow us to complete our PPF assessment as quickly as we can.

“The successful firm will work within a set framework to deliver their assessment and specialist services within a set timeframe and cost parameters which delivers good value for the PPF and our levy payers.

“They will also work in partnership with the other panel firms to collaborate and share ideas which will further improve and evolve our assessment process for the betterment of the schemes, their members and the PPF.

“We look forward to receiving and evaluating responses to this panel tender over the coming months so we can appoint a new firm who is aligned with our corporate values and commence what we hope will be a long and successful corporate partnership for all.”

Applicants must submit their tender proposals by 1pm on 18 May 2022 on the PPF’s eTendering portal.

Share Story: