The Pension Protection Fund (PPF) has appointed four firms to its new Trustee Advisory Panel.

The panel is designed to help push pension schemes through the PPF assessment and Financial Assistance Scheme (FAS) wind-up more efficiently

Dalraida Trustees, HR Trustees, Independent Trustees Services and Open Trustees were appointed to the Trustee Advisory Panel and the panel will begin its work on 2 September 2013.

The establishment of the panel follows the implementation of the Actuarial Panel and the Specialist Administration Services Panel (SASP), which were set up during 2011/12 and are expected to be followed by the launch of an Assessment Process Legal Panel and an Auditors' Panel later on this year.

David Heslop, PPF chief operating operator, said: "The Trustee Advisory Panel is the third chapter in a panel programme designed to help us reduce the overall time schemes spend in assessment.

"This will not only be beneficial to scheme members, but also levy payers as it will help cut down costs and make sure that we are able to take on the assets of the schemes that transfer much sooner."

Other panellists have also been selected and are expected to join the panel later in the year.

All members of the panel will work with insolvency practitioners, incumbent scheme trustees and panel members before, during and after the post assessment period as well as the FAS wind-up.

Schemes that entered the assessment or FAS wind-up period before 2 September 2013 will continues to be run by their appointed trustees.

"Providing greater certainty for our members has always been our priority," Heslop said. "Up until now, we have made great strides to make this a success."

Since the PPF began, 744 PPF schemes have been through the assessment period and it has helped around 1,047 FAS schemes to complete wind-up.

First published 06.08.2013

monique_simpson@wilmington.co.uk