Scheme rescue | Practical Law

Scheme rescue | Practical Law

Scheme rescue

Scheme rescue

Practical Law UK Glossary 0-206-1992 (Approx. 3 pages)

Glossary

Scheme rescue

In the context of the Pension Protection Fund (PPF), a scheme rescue occurs if, on the insolvency of a company that sponsors an occupational pension scheme, financial support for the scheme continues. This will usually occur either because the company is rescued, or because another company in a larger group of companies is willing to take on its pensions liabilities. An insolvency practitioner appointed in relation to a company that sponsors an occupational scheme must notify the PPF whether a scheme rescue has occurred.