BusinessBusiness RecoveryIPs reported for missing deadline

IPs reported for missing deadline

Up to 200 insolvency practitioners have been reported to professional bodies because they were slow to tell the Pension Protection Fund and The Pension Regulator about collapses

Up to 200 insolvency practitioners have been reported to professional bodies
for missing the 14-day deadline to inform the pensions authorities of an
insolvency event.

In a letter to professional body R3, Darren Toms, associate director for
Alexander Forbes Trustee Services, said the IPs had been reported because they
were slow to tell the Pension Protection Fund and The Pension Regulator about
collapses.

Toms said that schemes sponsored by an insolvent company only coming to light
months after an IP’s appointment was the main stumbling block.

‘Alexander Forbes believes that the TPR and the PPF should sit down with the
government and work out a better way of identifying pension schemes where
sponsoring employers fall into an insolvency event,’ said Toms.

The hike in insolvencies has seen many firms scrambling to redeploy staff to
meet the increased demand, but the situation is an unfortunate knock-on effect
as companies continue to suffer.

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