SP Insolvency
SPECIALIST PENSION & INSOLVENCY SERVICES
OUR SERVICES
Pension Reports
Our Pension Reports provide Insolvency Practitioners with key pension scheme information and highlight the actions required to ensure the Insolvency Practitioners statutory responsibilities have been fulfilled;
If your records are incomplete or unclear, we can assist by working with regulatory bodies to ensure that Insolvency Practitioners receive confirmation of all the pension arrangements associated with an insolvent company and also provide details of the schemes Trustee and scheme Administrator;
Submission of Statutory Notices
We can submit the required statutory notices on behalf of Insolvency Practitioners within the necessary 14 day notification period to ensure all parties have been alerted to this notifiable event;
RP15 Claims / RP15 Reviews
SP Insolvency can calculate, collate and submit RP15 Claims on behalf of Insolvency Practitioners and also review RP15 Claims collated in house prior to submission;
Trustee and Scheme Wind Up Services
Where required, SP Insolvency can replace Insolvency Practitioners as Trustee of an insolvent company pension scheme and wind up the plan, removing all liability from the principal employer;
Creation and Maintenance of Auto Enrolment Compliant Pension Schemes
SP Insolvency work with one of the UKs leading master trusts to set up auto enrolment compliant pension arrangements for both Insolvency Practitioners and business owners. We can manage monthly or weekly contributions, ensuring employers statutory duties are being met;
Ongoing Pension Consultancy Services
Have a question? We don't believe in charging for the basics. We’re happy to help when you don’t want to appoint a third party and just want a quick, straightforward answer. We also offer a flat monthly fee consultancy service for Insolvency Practitioners rather than charging on a case by case basis.
Pension Reports
Understanding your responsibilities as non-pensions professionals can be daunting and that is why as a starting point we recommend our pensions report. Each report will tell you:
The arrangement type and contact details for the scheme Administrators;
Confirmation of the Trustees;
Details of the schemes membership, for active, deferred and pensioner members;
Confirm when the last set of contributions was paid into the scheme and if an RP15 Claim can be made;
The schemes auto enrolment status and if the scheme was 'Contracted Out';
A clear summary of any outstanding issues that need to be resolved.
Our report is priced at a cost effective fixed fee and offers peace of mind to Insolvency Practitioners that all aspects of a scheme have been carefully reviewed.
Pension Tracing Services
SP Insolvency are aware that when Insolvency Practitioners are appointed, it is not always clear if the company operated a pension scheme, or who administered it.
That is where we can help. Using our industry wide contacts and expertise we are able to locate schemes that may not be held on your records and provide you with key contact information.
This service will also establish the schemes Administrator and the entity acting as Trustee to the scheme. If an Insolvency Practitioner has inherited this role during an appointment, we'll let you know.
Submission of Statutory Notices
Upon appointment, Insolvency Practitioners are legally bound to alert The Pension Protection Fund (PPF), The Pensions Regulator (TPR) and the schemes Trustees (if known) of an insolvency event within a strict 14 day time frame.
Upon submission of the statutory notices, the PPF will decide if panel Trustees and Administrators are to be appointed. This is a complex matter the importance of which cannot be overstated.
Note that whilst the Pensions Regulator publishes a list of Trust based schemes on their website, this is not a fool proof offering and submitting paper based queries will often highlight additional schemes.
SP Insolvency would be happy to assist you in the submission of statutory notices to ensure that your duties of compliance have been fulfilled. Please note time restrictions apply on these cases.
RP15 Claims and RP15 Reviews
Upon discovering a pension arrangement, one of the most important things to do is ensure that the schemes contributions are up to date. If they are not, employee and employer pension contributions for the 12 months prior to the date of insolvency can be claimed back via the Redundancy Payments Service (RPS).
SP Insolvency provides a comprehensive RP15 Claims service and work closely with Insurers, Insolvency Practitioners and the RPS to ensure employees do not lose out on their benefit entitlement during insolvency proceedings.
We also review RP15 Claims collated in house for a lower fee. We will provide clear feedback and highlight any areas of risk that could lead to a claim being rejected, saving you time and money.
Trustee and Scheme Wind Up Services
Our Trustee and Wind-Up service is designed to speed up the process of closing a company pension scheme to reduce the overall cost and risk in an insolvency appointment.
Our Trustee services allow the Insolvency Practitioner to appoint SP Insolvency as an independent Trustee and absolves Insolvency Practitioners of their responsibilities towards the scheme.
This eliminates the Insolvency Practitioner’s involvement with the pension scheme and transfers all of the risk of acting as Trustee to SP Insolvency.
We arrange for the production of a bespoke Deed of Appointment and Removal of Trustees which is signed by both the Insolvency Practitioner and ourselves, there by appointing SP Insolvency as Scheme Trustee.
Insolvency Practitioners will then have no further duties towards the scheme and SP Insolvency will wind up the insolvent company pension arrangement, taking the stress out of this process.
Creation and Maintenance of Auto Enrolment Compliant Pension Schemes
Under the Pensions Act 2008, every company with an employee is legally required have a pension scheme in place. Period.
If as an employer you need assistance with the creation and managing of your pension scheme, SP Insolvency are here to help. Your company does not need to be in financial distress to use this service, though we are also able to set up schemes for insolvent employers who are past their staging date.
We can create an auto enrolment compliant scheme and work with one of the country’s leading master trusts to facilitate this service. Once the scheme is set up, we can manage membership movements, payments into the scheme and assist you with any queries. Of course, we can just set up the scheme for you at a reduced fee too.
Ongoing Consultancy
Our ongoing consultancy service provides you with unlimited access to our expertise.
This service can be tailored to your exact requirements and we are excited to work with you to create a package of services that best suit your needs, be it on a time cost or fixed fee basis.
We are always happy to answer basic questions free of charge.
Please get in touch for further details regarding any of our services. We look forward to discussing how we can assist you.