The Pension Protection Fund (PPF) has launched a new Trustmark initiative which will provide its panel firms with a badge that recognises their expertise and high level of service supporting defined benefit pension schemes in relation to the PPF’s assessment process.
Osborne Clarke was reappointed to the high-profile legal panel in February 2022 and is one of six key legal advisors to provide firm wide full service legal advice directly to the Board of the PPF.
All six legal panel firms will now be able to use a badge which recognises their specialist knowledge, collaborative working with the PPF, and commitment to delivering the high standards of service set by the PPF.
Osborne Clarke also provides specialist pensions and insolvency advice jointly to the PPF and trustees of schemes which have entered a PPF assessment period.
Jonathan Hazlett, head of pensions at Osborne Clarke: "The PPF has been incredibly successful at protecting members of eligible pension schemes since its inception in 2005. The Trustmark is a sensible and natural next step in further reassuring members of schemes in PPF assessment that its panel firms provide corresponding high standards of service. Osborne Clarke is proud to display the Trustmark and we are looking forward to using it in our communications from now on."
Oliver Morley, CEO, said: “At the PPF, we are committed to providing a positive experience to members in schemes which come into our assessment process regardless of whether they transfer to us or not. Our panel firms perform a vital role taking schemes smoothly through our assessment process and securing the best available outcomes for members. The Trustmark badge recognises the high standard of service our panellists provide, and we hope will reassure members who see it that they are in safe hands.”
The PPF has transferred over 1,090 schemes since it was set up in 2005, and currently looks after almost 300,000 members. Working in partnership with its panel firms, over time the PPF has greatly improved the efficiency of its assessment process. Before the PPF first opened its doors, it typically took around 10 years to wind up a scheme; a PPF assessment process, which bears many similarities to winding up a scheme, takes on average 18–24 months.