The Pension Protection Fund (PPF) has launched a new specialist administration services panel (SASP) as part of the ongoing development of its Assess & Pay programme.

After consulting the industry and following what it calls "a robust procurement process", eight firms have been selected to provide specialist administration services to pension schemes which need to complete the PPF assessment. The panel is meant to streamline this process and has to ensure the a more efficient FAS wind-up period.

The new panel consists of Barnett Waddingham, Capita Hartshead, Jardine Lloyd Thompson, Mercer, Punter Southall, Spence and Partners, Quattro and Xafinity.

The goals of the panel are:

- to reduce the length of time that schemes are in assessment or wind-up
- to enable trustees to work with a core of experienced experts
- to encourage best practice within a specialised group
- to produce transparency on costs and services being delivered
- to leverage expertise and set standards in administration

PPF's chief operating officer, David Heslop said: "Our primary objective is to protect the members of schemes entering the PPF and FAS by providing assurance and certainty sooner. We believe that this group of specialists are best placed to take schemes through the assessment period. Not only will they enable us and trustees to reduce the time that schemes spend in assessment or wind-up but it will also give us access to a small group of specialists that will help us develop best practice, drive efficiencies and set standards in administration performance.

The allocation of work to the SASP is scheduled to commence from September 2012.

The PPF have set up a webcast explaining more about the SASP and this is available to view by clicking on this link.

First published 02.08.2012

azeevalkink@wilmington.co.uk