The Pension Protection Fund (PPF) has announced plans to introduce new services and consulting on its approach to measuring insolvency risk.
The service, which will launch in 2021, has been formed in partnership with Dun & Bradstreet (D&B).
The pensions lifeboat said that although the current insolvency risk methodology is “working will”, it will be making “limited changes” to the methodology, in line with stakeholder feedback. Moving the service to partner with D&B will mean that insolvency risk scored will be adjusted to match actual insolvency experience. Alongside the methodology changes, the PPF and D&B have launched a digital portal, which allows levy payers to view the insolvency risk scores, submit queries online and hold live web chats with advisers.
The PPF is asking for feedback from stakeholders on the new services being introduced and on the measurement of insolvency risk. Commenting on the announcement, PPF executive director and general counsel, David Taylor, said:“We’re extremely pleased to be formally introducing D&B as our new insolvency risk partner.
“Our proposals for the measurement of insolvency risk build on the strengths of our existing model. We also believe the new services we are introducing – particularly the new portal – are important developments making it quicker and easier to understand and engage with insolvency risk scores.
“We encourage our stakeholders to access scores on the new portal and give their views on the design and scope of new services, and the adjustments being proposed to our insolvency risk methodology.”
The first levy invoices to be calculated with D&B will be issued in Autumn 2021, based on scores from April 2020.