Pension Protection Fund

My pension scheme has been accepted into the ppf and is no longer in the assessment stage.
Has anyone any experience of the ppf relating to this scenario and the potential to earmark, offset or attach a share to stbx?

Not totally sure of Scottish perspective on this but DWP stuff usually universally applied.
DWP currently consulting on the regs to enable PPF compensation to be shared/attached on divorce: expected ?April 2011?
www.dwp.gov.uk/docs/ppf-pension-compensa...-charges-divorce.pdf
"Pension compensation on divorce – current position
In financial proceedings that may be part of a divorce, the court is required to take into account the value of any pension compensation when making a financial settlement. However, at present there is no mechanism for sharing the pension compensation in the way that the value of a pension is shareable. Therefore, at present the only option available to the courts once a scheme has transferred to the PPF is offsetting the pension compensation.
The courts may make attachment/earmarking orders and pension sharing orders while a pension scheme is in a PPF assessment period. The PPF must implement any attachment/earmarking orders or pension sharing orders made by the court but not implemented by the trustees of the pension scheme before the end of the assessment period. At present, the PPF is not able to charge for undertaking this work."
Currently I think once the scheme is out of the assessment period offsetting the compensation is the only remedy?

Thks Maggie for info.

PPF have refused to give a transfer/compensation value, so how does one assess how much should be offset?

Appreciate advice.

www.scotland.gov.uk/About/Sewel/SessionThree/Pensions


Looks as though Scotland may already have introduced "PPF compensation sharing" in 2010 - in which case there should be regulations setting out the valuation method to be used?

"2. The new Schedule amends Section 10 of the Family Law (Scotland) Act 1985 as amended to provide the Scottish Ministers with the power to make provision with respect to the calculation, verification and apportionment of PPF compensation. This regulation would be subject to negative resolution within the Scottish Parliament. The intention is that the power would be used in a similar way to The Divorce etc. (Pensions)(Scotland) Regulations 2000 which made provision with respect to the calculation and verification of benefits under a pension arrangement in relation to actions for divorce or actions for declarator of nullity of marriage."

Draft regs on DWP website require PPF to calculate a value for sharing on divorce - but looks as though it's all on hold - Scotland too- until consultation's over and regs are passed?
Previous post link seems to be about enabling the regs [when eventually passed] to be incorporated in Family Law Scotland?
= Bit of a bind all round.

PS re-reading the PPF pension members handbook on the PPF website :
"I’ve been asked to provide details of my
Compensation to the Court. What do I
need to do?
You need to write to the Pension Protection Fund explaining
that you are involved in or contemplating matrimonial or
Civil Partnership proceedings and ask for information
about your Compensation.
The Pension Protection Fund will then issue a statement
of Compensation in accordance with the statutory
requirements. The Pension Protection Fund will issue the
statement within 10 days of receiving your written request,
or within the timeframe required by the Court to comply with its order."

Maybe you should ask PPF about that advice in their members' handbook?

Not sure where you are in the divorce process Fag Ash - if you can wait until April 2011/until the regs are passed, looks as though the new regs will operate as for sharing/attaching an ordinary pension - going ahead now looks viable though because PPF ?"have to" give you a valuation but offsetting will be the only option.
I suppose PPF is a sight better than earlier pension bail-outs?
Have PPF given you any idea of what% of your original pension is safeguarded for you?
Will it be taxed in the same way/available at the original normal retirement date?
Can you take a reduced amount early - can you commute it if ill?
What happens to 25% tax free lump sum?
Are the company directors' pensions in PPF too?
Can you transfer out of PPF as with a normal pension?