Punter Southall appointed by Pension Protection Fund to support and assist trustees of schemes winding up under the Financial Assistance Scheme.
Punter Southall, consulting actuaries and administrators, has today announced its appointment as the preferred outsourced caseworker by the Pension Protection Fund (PPF) in relation to annuitised schemes that are applying for compensation from the Financial Assistance Scheme (FAS).
After a competitive tender exercise, Punter Southall secured this mandate in the role of providing assistance and support to the trustees of roughly 170 schemes, which commenced winding up prior to 6 April 2005 and have qualified for FAS and which have had their assets committed to an insurer.
This is the first time that the PPF has outsourced such a service, as the caseworker role has traditionally been handled internally.
The Punter Southall team is due to start work immediately and will be led by Alan Wilkes, Principal at Punter Southall.
Speaking on the appointment, Alan Wilkes, Principal at Punter Southall, said:
“We are delighted to have been appointed as the PPF’s first ever external case worker. Our team is looking forward to assisting trustees in the acceleration of the process through which members can receive assistance for their otherwise lost pensions. We are also looking forward to building a strong and lasting relationship with the PPF.’’
Speaking on the appointment of Punter Southall to the role of case worker, Peter Walker, Director of Delivery at the Pension Protection Fund said:
“We appointed Punter Southall as the caseworker to help trustees of annuitised schemes applying for FAS assistance after a rigorous tender process. Their knowledge and experience in working with trustees will provide the support we need to make sure that FAS scheme trustees get the best possible support from the PPF during what is a time-consuming and complex process.”
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For media information, please contact:
Penrose Financial
Roman Townsend/Andre Flemmings/Clare Murphy-McGreevey
020 7786 4875/4811/4834
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