Example One - PPF entry

We helped the Dawson Holdings Group Pension Fund through a PPF assessment period.  When the principal employer (a publishing distribution services company) became insolvent, the Fund lost executive support from the company. 

The trustees recognised that they did not have adequate knowledge or time to handle the complex issues which arise during such periods. 

Our role was a wide-ranging and busy one involving co-ordinating the assessment period from the trustee side within very tight and fixed timeframes, and included:

• Management and co-ordination of all trustee advisers, including the Fund’s administrators, actuary, legal advisers, investment advisers and auditor
• Organising and chairing Trustee meetings, including preparing agendas and minutes
• Keeping a detailed project plan and action point schedules and frequent chasing-up on outstanding actions
• Preparing and monitoring budgets and approving invoices;
• Reviewing complex reports on issues such as equalisation, admissible rules, and other technical issues, and assisting with the trustees’ understanding of them and recommending ways forward
• Drafting and reviewing communications to members
• Liaising with the PPF
• Liaising with the principal employer’s liquidators regarding the Fund’s outstanding debt claim and reclaiming VAT on invoices
• Weekly update calls with advisers and monthly all-parties’ meetings
• Attending other meetings with advisers/the PPF and conferences with Counsel
• Managing the discharge of defined contribution benefits through transfers-out, individual annuities and the purchase of a bulk buy-out policy
• Responding to member queries/complaints
• Liaising with the Board of the holding company which the Fund held shares in, including compliance with listing requirements and attending AGMs

The scheme was successfully admitted into the PPF within the agreed time limits. Using our pensions knowledge, we provided the trustees with the leadership, support and solutions they required through this difficult and challenging process.