FOI reference - FOI 2016-06-07
Date - 07/06/2016
- How many clearances has The Pensions Regulator (TPR) given between 1 April 2013 and 31 March 2016 allowing the replacement of a sponsoring company with a trustee company?
- What is the aggregate value of the assets involved?
Your email of 10 May 2016 clarified you are happy for us to interpret your request as we did in our response of 5 June 2013 to your previous Freedom of Information (FOI) request.
We interpreted your first question to refer to clearances (under section 42 and / or 46 of the Pensions Act 2004) in relation to Regulated Apportionment Arrangements (RAAs). We also clarified that an RAA operates to apportion liability amongst statutory sponsoring employers, rather than 'replacing' one employer with another, where the entity to which liability is apportioned is owned (directly or indirectly) by the trustee(s) of the scheme.
By 'value of assets involved' we interpreted that you were referring to the value of each relevant scheme’s assets as shown in that scheme’s last valuation under Part 3 of the Pensions Act 2004.
Duty to confirm or deny whether TPR holds the information requested
I can confirm that The Pensions Regulator (TPR) holds information falling within scope of your request.
Information we are able to supply
- Between 1 April 2013 and 31 March 2016 we approved one RAA where the entity to which it was apportioned is owned (directly or indirectly) by the trustee(s) of the scheme. This was in relation to the Kodak Pension Plan, which as you may know, was subject of a report under section 89 of Pensions Act 2004 in November 2014.
- The aggregate value of the assets involved is £975,000,000.
For consistency I also reviewed our responses to your similar FOI requests made in 2013 and 2014. During the period of time covered by your 2013, 2014 and current FOI requests (July 2011 to 31 March 2016) we approved one RAA where the entity to which it was apportioned is owned (directly or indirectly) by the trustee(s) of the scheme. This was Kodak Pension Plan.