Those of you who work in pensions should have noticed the countdown on the Pension Protection Fund Website. http://www.pensionprotectionfund.gov.uk/ What's going to happen when it reaches zero??...
Nope it's counting to the PPF s179 valuation deadline (viz 31/3 11:59:59, I guess). Note that it looks different in firefox vs in IE.... when last I bothered to open it in IE that is. I think in IE it might have said what it was counting to.
The deadline is actually for information to be submitted on the Pensions Regulator's (TPR) Scheme Return, the annual submission for scheme information - which also includes things like PPF s179 info. The PPF will base the next 2 years' levies on the information submitted in the Scheme Return, which is why they are making such a big deal about the deadline. I am really looking forward to Monday and that midnight deadline! Hey, shouldn't this be in the SA4 thread?
Yes, I'm well aware what the deadline is for. The countdown just looks a bit apocalyptic. Like the bit in Independence Day just before the aliens attack. I'm expecting Knollys House in Croydon to blow up. Or something. Right, I'm off to the office again, for another few hours of overtime to get my last set of results out. One of our junior students forgot to revalue the GMP in an earlier S179 valuation, but double-counted the post-97 excess.
Although the flaw in their timing is the following: Every scheme should have a valuation every three years. A section 179 is required for every valuation after September 2005. But the valuation is required to be complete within 15 months of the effective date. So any scheme with an effective date between April '05 and September '05 shouldn't have even been started yet. And there isn't a statutory requirement to finish off the valuations for anything after 31 December 2006 yet. Well, you know what I mean. Don't expect a high pass rate for ST4 or SA4 this year!
Schnorbitz, it is Part 3 (PA2004) valuations that are required for effective dates from September 2005. These funding valuations would normally have a statement about the s179 position at the effective date, so any scheme undergoing a Part 3 valuation would naturally complete a s179 at the same time. However, it is a legal requirement to complete a s179 for every scheme by 31 March 2008. These s179 valuations can be completed independently of other valuations. In fact many schemes have submitted these on dates in advance of their first Part 3 valuation, since their PPF levies are based on this information (and in its absence on the last MFR postion - which may be financially disadvantageous). It will be a fun day today.
Less than 8 minutes to go. This is far more exciting than pensions ought to be! Although I got all of mine confirmed by four thirty this afternoon.
