Pension Protection Fund: Difference between revisions

Latest revision as of 09:23, 31 December 2020

Redirect to:

@@ Line 1: / Line 1: @@
-The fund which protects UK Pension schemes 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]]
-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}}.
-{{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:
-{{isdaquote|PPF Event}}
-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.}}
-Note Party B is the Bank in this case.
-{{isdaanatomy}}