By virtue of your appointment, you’ll be expected to investigate the existence of any formal pension schemes. As an Insolvency Practitioner, you have a duty to the employees to establish details of pension schemes operated during the existence of the company. Here at Insol we’ve created a pension questionnaire that will help you collate this information.
When a pension scheme is located, you must submit a S120 Notice to the Board of the Pension Protection Fund, The Pensions Regulator and the trustees of the pension scheme within 14 days of the Insolvency Event or within 14 days of becoming aware of the Scheme. This is a statutory duty which cannot be avoided. Failure by you to comply with the S120 legislation will result in you being reported to your authorising body. Your final obligation is to take an in-depth review of the scheme to establish what tasks must be carried out by you (acting on behalf of the Employer) prior to completing the insolvency.
The introduction of Auto Enrolment means that you will be exposed to more pension schemes hat you have previously. Any company who has an employee would be expected to operate a pension scheme and automatically enrol the employee.
By listening to, and working with, insolvency practitioners, we’ve developed unrivalled solutions for dealing with all aspects of pension schemes - including those that require a pension scheme being brought to a satisfactory conclusion.
We appreciate that when you encounter pension schemes on a corporate insolvency there will be no derived benefit, only a cost which, if you don’t handle correctly, could turn out to be considerable. Over the years, we’ve developed and adapted our solutions to keep up with changes in pension legislation, and we’ve done this so that you don’t have to. This leaves you free to concentrate on the thing you do best: insolvency.
All our pension solutions are offered on a fixed fee basis which means you will always know what the cost of the instruction will be, meaning no nasty invoice surprises you were no expecting.