Time is running out to certify contingent assets
A significant number of defined benefit pension schemes and sponsoring employers are now using contingent assets to reduce their Pension Protection Fund (PPF) levy. Contingent assets can also provide trustees with some much-needed reassurance where there is concern over a scheme deficit and the sponsoring employer’s ability to meet that deficit. Clearly this is of particular relevance in the current financial climate (please see our previous Pensions Alert, "Time for trustees to take the initiative", January 2009, where we discussed this and other measures that trustees should be considering in response to the economic downturn). However, time is running out for trustees and employers who wish to put in place new contingent assets and re-certify existing arrangements, if those contingent assets are to be taken into account by the PPF in setting the 2009/2010 levy applicable to their schemes.
In May 2008, international law firm Hammonds became a limited liability partnership. Hammonds LLP and its affiliated undertakings has offices in Birmingham, Leeds, London and Manchester in the UK, and in Berlin, Brussels, Beijing, Hong Kong, Madrid, Munich and Paris.