The Pension Protection Fund has finalised its new specialist administration and actuarial services panel (SAASP) comprising of four firms to replace its previous two panel model.

The four companies that will serve on the PPF’s panel are Barnett Waddingham, Mercer, Quattro Pensions and Spence & Partners Limited.

The new panel will provide both administrative and actuarial services during the PPF assessment period, as well as adding a consistency to its administration services including payroll and member services.

The firms will commence work on the panel on 1 August. Initial contracts will run for two years with the choice to take on two additional 12 month extensions.

PPF deputy director of scheme and member services Sue Rivas explained: “The new model, combining the previously separate actuarial and administration services panels, will provide greater consistency and efficiency during the PPF assessment period, in order to maximise resources and achieve certainty for scheme members.

Barnett Waddingham LLP partner Robert Hawkes commented: “We remain committed to working with the PPF, trustees and our panel colleagues to deliver the highest quality service for members in the assessment period.”

Mercer head of operations Neil Bolding said: “We fully understand the difficult time it can be for members when schemes enter an assessment period and we believe our approach to putting members at the heart of everything we do underpins the customer excellence the PPF seek when managing schemes through assessment. We are pleased to continue our partnership with the PPF and in doing so, extend our service provision to our actuarial team too.”

Quattro Pensions PPF client director Liz Loosmore said: “We are delighted to have been selected to be part of the PPF’s new panel, SAASP, and very much look forward to working with the PPF to help provide speedy PPF compensation certainty to members.”

Spence & Partners founder Brian Spence added: “As a previous member of both the former panels since their inception, we have an excellent track record of managing schemes through the assessment period process, having worked on 112 to date. We look forward to working with the PPF and our fellow panel members to continue to innovate and further drive efficiencies for levy payers, scheme trustees and members of schemes entering the PPF in future.”

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