PPF and FAS Transitions
Briefly, our project services for PPF and FAS work include (but are not limited to):
- GMP reconciliation using the DWP’s Shared Workspace (typically within 8 months on schemes up to 1,500 lives).
- Equalisation of GMPs.
- Adjustment of pensions in payment to PPF levels in the assessment period.
- Data validation and full benefit audit.
- NRA equalisation work and Foster Wheeler review.
- Member tracing and mortality screening.
- Reassignment of AVC and DC monies.
- Valuation work for s75, FAS valuations, s179 and s143.
- Member clinics/presentations and communications.
- Data submission to the PPF and the FAS.
- Monthly project plan Trustee updates.
The Pension Protection Fund (PPF) came into being on 6 April 2005. The transition process to the PPF is therefore still relatively new and continues to be developed. Certainly, for those schemes that enter a PPF assessment period, most of the individual trustees will have little or no experience of the work involved and what is required of them.
Pope Anderson has extensive experience of successfully transitioning schemes into the PPF. Indeed, our staff have worked on many such projects and demonstrated an ability and willingness to lead by example.
We enjoy and maintain good working relationships with the PPF caseworkers.
In recent years changes have been made to the Financial Assistance Scheme (FAS). This too is a new and complicated process.
Pope Anderson has a wealth of experience working on FAS1 and FAS2 transitions and has been successful in achieving “green” status for a number of our clients.
As well as dealing with all aspects of the transition process, we are also able to work on individual aspects of the project work, such as GMP reconciliations or data validation and benefit audit reviews, to help the project plan get back on track if it has fallen behind.