On the go: The Pension Protection Fund has launched a tender to appoint a new company to join its specialist administration and actuarial services panel, which provides assistance to the lifeboat fund and schemes when they enter the PPF assessment period.
According to the pensions lifeboat, the panel has a key role in processing schemes through assessment and allowing the PPF to determine with accuracy if a scheme has sufficient assets to buy out benefits with an insurer, or if it will need to make a claim on the PPF and transfer into the fund.
The appointed company will join the panel on August 1 and provide trustees with specialist actuarial s143 valuations for schemes in assessment.
It will also undertake scheme data cleansing exercises for the PPF, which will ensure all recorded scheme information including member data is accurate, and pensioners and beneficiaries are receiving the right levels of benefits, the PPF added.
The chosen company will also provide other critical services if required, which can include providing ongoing scheme administration while the scheme is in assessment, such as responding to member requests and calculating retirement quotes.
Dan Collins, relationship manager at the PPF, said: “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.”
He also noted that the chosen company will 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”.
The panel was launched in 2016 and includes Broadstone Pensions, Barnet Waddingham and Spence & Partners.
Tenders must be submitted by 1pm on May 18 via the PPF’s eTendering portal.
This article originally appeared on MandateWire.com
