Transfer details
Telling us details of a block transfer: the PPF's requirements
The PPF requires details of all full transfers to be reported by both the transferring and receiving schemes in Exchange. Full transfers are defined both in the PPF’s levy determination and below.
Please note that the PPF does not expect transfers that do not meet the definition of full transfer to be reported.
Schemes and their advisors should refer to the PPF’s levy determination, transfers appendix and block transfer guidance for full rules and information on the block transfer requirements. The latest versions of each of these documents can be found on the PPF’s website.
Definition of full transfer
A full transfer is where the following applies on any date or dates prior to 1 April in a given year:
• there are fewer than two members remaining in a scheme or a segregated scheme – this is known as the transferring scheme
• the transferring scheme has transferred members in groups of two or more to one or more other schemes – these are the receiving schemes
• there are fewer than two members in the transferring scheme on 1 April
Please note that the definition of full transfer assesses the position of the transferring scheme at 1 April. It does not assess the position:
• of a scheme at any other point during the levy year
• on the basis of each transfer
The PPF only require transfers that meet the definition of full transfer to be reported.
How to report a full transfer
The process must be initiated by you, the transferring scheme. It cannot be started by the receiving scheme.
On adding a new transfer out you'll be asked to provide details of the counterparty receiving the transfer. These will be:
• one or more eligible schemes
• an insurance company
• an ineligible occupational scheme (such as a defined contribution scheme)
It may also be the case that a new eligible scheme or section is created out of the transferred assets and liabilities.
If the transfer out is to an insurance company you'll need to provide the:
• insurance company's name
• total amount of the assets transferred
• first and last dates on which the liabilities connected with the transfer passed to the receiving arrangement - these can be the same
If the transfer out is to another scheme, you'll need to provide the pension scheme registration number of the receiving scheme. You'll also be asked to provide the:
• scheme name
• total amount of the assets transferred
• first and last dates on which the liabilities connected with the transfer passed to the receiving arrangement – these may be the same
You'll be able to amend or remove this transfer if required.
Any Exchange user currently associated with the receiving scheme will receive an email from TPR confirming that they have been selected as the recipient of the transfer in. If there are no current users associated with the scheme then the trustees will receive a letter requesting that they register online.
Exchange will pre-populate your post-transfer valuation amounts as zero, as you are reporting a full transfer.
What do I do after providing details of a full transfer?
The information that you have provided as the transferring scheme will not be fully submitted on Exchange until the receiving scheme has confirmed its details.
If the receiving scheme amends the transfer information you've provided, you will be notified of this and asked to accept the amendments. If the receiving scheme rejects the transfer, it will then be up to you as transferring scheme to decide the next action to take. You may, for example, decide to update the information originally entered, or remove the whole transfer.
What do I do after the receiving scheme has confirmed the transfer details?
Once all transfer details have been accepted by all the parties and the valuation details are complete, you will then be able to submit final confirmation of the transfer information and complete the certification page.
What if I enter but do not submit a full transfer?
If you have entered a full transfer on Exchange and, for any reason, that transfer remains pending and is not submitted, you must remove the transfer. Otherwise, the transfer may still be taken into account for the calculation of the levies.