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Trustee Guidance: Acting as Creditor of the Employer – transfer of rights and powers to the Pension Protection Fund

The Pension Protection Fund replaces the trustees as creditor of the employer during the assessment period. It takes over the rights and powers of trustees in relation to any debt (including any contingent debt) due from the employer. This would include any debt under section 75 of the Pensions Act 1995 or otherwise.

In practice, this means the Pension Protection Fund will be responsible for the following activities:

• serving any debt under section 75 of the Pensions Act 1995 on the employer;
• negotiations with the company/insolvency practitioner,  including discussions involving compromise arrangements; and
• representing the pension scheme on creditors' committees and at creditors' meetings.

Trustees should make the Pension Protection Fund aware of any action taken in respect of their role as creditor, such as submission of a ‘proof of debt’.

The Pension Protection Fund may seek the trustees' assistance in undertaking these tasks.