International Employer’s Entry to the Pension Protection Fund

 

Client

European bank

 

Objectives

  • Scheme sponsor is effectively insolvent after the transfer of its assets to another bank (during the Euro crisis)

  • Transfer to the PPF (Pension Protection Fund) would be the best outcome for the scheme’s members, but the sponsor was not a UK company

Solution

We successfully helped the scheme enter the PPF under s129 Pensions Act 2004 (as applicable to EEA Credit Institutions). The scheme is currently in PPF assessment and we expect it to transfer into the PPF.

Want to know more?

Contact PSIT:

Call: 0118 918 5469