A key series of regulations governing the Pension Protection Fund (PPF) will be put out to consultation by the Department for Work and Pensions.
Industry and stakeholders will be invited to comment on the regulations relating to the technical aspects of the PPF levies, the valuation of the PPF, transferring a scheme to the board of the PPF, reviewing decisions made by the board, compensation, and PPF information and administrative functions.
Minister for pensions reform, Stephen Timms said: “The Pension Protection Fund has been set up to provide statutory compensation to members of a defined benefit occupational pension scheme where the employer has become insolvent and the scheme is under-funded.
“These regulations set out the fuller detail of a range of structural requirements to support the PPF. Our proposals will provide the necessary support for the board of the PPF in its operations”.
The consultation will run until 3 January 2006.
The consultation document is on the DWP website.