Pensions & Insolvency

Pension Scheme Reports

As an Insolvency Practitioner, do you particularly hate sorting out complex, time-consuming occupational pension schemes following an insolvency?

Are you confident that you and your staff have the experience to comply with regulation in a fast changing industry?

Can you afford to undertake the regular continued professional development to maintain competence with rules of Trusteeship and the civil law position regarding Pension Members rights?

Are your PI Insurers aware that you give all this extra advice on your appointments?

We will carry out a thorough investigation of a Pension Scheme, and produce an in-depth report highlighting your statutory obligations as an IP. The report will also cover:

  • The nature and constitution of the Scheme
  • Scheme ownership
  • Scheme membership
  • Scheme status
  • Contribution History highlighting any arrears or loans
  • Statutory obligations to the Pensions Regulator, the Pension Protection Fund, the Trustees or Managers and the members of the Scheme.
  • Any further actions required by the Insolvency Practitioner on behalf of the Employer to the Scheme.

Where the report highlights any additional duties for the Insolvency Practitioner, Clumber Consultancy will establish pro-active solutions to undertake this work on behalf of the Insolvency Practitioner for a further fixed fee quoted within the report.

We also provide a complete Compliance Review for Insolvency Practitioners, which ensures that you meet your statutory obligations for occupational pensions at every stage of the insolvency process, reducing risk and any resulting penalties.

Independent Trustees

Occasionally the Principal Employer may have been acting as Trustee to a Trust Based Defined Contribution or Money Purchase pension scheme and in most circumstances the insolvency event triggers the Scheme to be wound-up. Where this is highlighted in our report, Clumber Consultancy will offer a fixed fee to replace the Insolvency Practitioner as Independent Trustee to the Scheme, exonerating the Insolvency Practitioner from any further duties and liability to the Scheme.

Unpaid Pension Contribution claims

Where companies become distressed it is common for pension contributions to be deducted from employees but not paid over to the pension scheme provider. This is of real concern to employees and a breach of law which the pension provider has to report to the Pensions Regulator.

If our report identifies unpaid pension contributions, then a fixed fee will be quoted to reclaim the contributions on behalf of the members and the Insolvency Practitioner from the Redundancy Payments Office (RPO). In order to do this it is necessary to reconcile the pension contributions and the membership data for the Scheme before completing RP15 and RP15a (Application for Payment of Pension Scheme Contributions) forms provided by the RPO.

We are proud to be trialling an online RP15 claim service with the Redundancy Payments Office which should be introduced to the insolvency market in 2016. The aim is to improve efficiency of the process resulting in time and cost savings to the Insolvency Practitioner.