From The Jolly Contrarian
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| The fund which protects UK [[Pension Scheme]]s in the event of their insolvency. Of particular interest where a UK [[Pension Fund]] is party to an {{isdama}}, because the PPF has wide discretionary powers to set aside contracts it doesn't like.
| | #redirect[[PPF Event - ISDA Provision]] |
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| As a result much discussion around an {{isdaprov|Additional Termination Event}} specifically targeted at UK Pension Funds. See, for example, the [http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/onerous_contracts_response.pdf PPF's proposal] for a {{isdaprov|PPF Event}} {{isdaprov|ATE}}.
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| {{box|A solution was proposed from within the industry suggesting the inclusion of standard wording in agreements between the trustees and counterparties, without involvement of the PPF at that stage, and a consultation with stakeholders was commenced in March 2009. Following discussions with stakeholders, the following wording is proposed:
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| {{box|{{ISDA Master Agreement 1992 PPF Event}}}}
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| We would strongly encourage trustees and managers to adopt this wording in [[ISDA]] contracts which they enter into or which are entered into on their behalf by their fund managers.}}
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| Note Party B is the Bank in this case.
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| {{anat|isda}}
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Latest revision as of 09:23, 31 December 2020