7 days


7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days:

IFoA: Colin Wilson to be President-elect

Colin Wilson, the Deputy Government Actuary, has been elected as the next President-elect of the Institute and Faculty of Actuaries.

Colin will take up his position as President-elect in June 2015, when Fiona Morrison becomes the new President, taking over from Nick Salter. Colin will take on the role of President in June 2016.

PPF: Last man standing certification

In order to receive appropriate credit in the 2015/16 levy PPF levy, schemes reporting as LMS are required to submit a form to the PPF confirming that they have received legal advice on the scheme’s structure.  If a scheme does not provide this confirmation, it will not be treated as LMS for the purposes of the levy.

A new “last man standing” certificate has now been published by the PPF.  Trustees need to complete this form by 29 May 2015 to indicate they have received the appropriate legal advice.

Please see our Alert for further information.

PPF confirms effect of new pensions flexibilities on PPF and FAS Payments

The PPF has confirmed, in a press release on 15 April 2015, that the new pension flexibilities introduced on 6 April 2015 do not apply to the PPF and therefore PPF compensation payments are not affected.

Members in receipt of compensation from the PPF will still receive a regular payment, rather than a lump sum.  Where PPF compensation is not yet in payment, a member’s options on retirement will also be unaffected by the changes.

The PPF notes that the same applies to the Financial Assistance Scheme and the assistance paid by FAS.