Assessment period meaning

This Checklist This Checklist provides points to weigh up when preparing and seeking sign-off for a company voluntary arrangement (CVA) involving the Pension Protection Fund (PPF). It draws on PPF Guidance Note 5 issued in 2018 (see PPF Guidance Note 5: CVAs). When an employing company (or all participating employers in a last man standing scheme) files a CVA proposal with the court, a PPF assessment period begins. Under section 137 of the Pensions Act 2004, the PPF assumes the pension trustees’ voting entitlement (see Practice Note: The Pension Protection Fund—eligibility and entry). In practice, the PPF will typically cast a vote for or against the proposal rather than refrain. The PPF is consistently focused on avoiding any precedent that might allow pension schemes to be diluted where potential PPF entry could arise in the near future (the PPF observes that this has occurred in numerous prior CVAs). The PPF also anticipates that pension trustees will appoint their financial advisers to produce a report addressing the areas of concern...

ARCHIVED: This Practice Note has been archived and is no longer being maintained This tracker summarises the consultation papers issued by the Prudential Regulation Authority (PRA) from 2017 onwards, together with the release of any follow‑on rules and guidance. For material on consultation papers from the Financial Conduct Authority (FCA) and the Financial Services Authority (FSA), see: FCA consultation paper tracker FSA consultation paper tracker Topic area, consultation paper, description, publication date, end of consultation period, and any Policy Statement / Supervisory Statement are recorded. Regulation of insurance 2023 — CP24/23 – Funded reinsurance. This consultation paper outlines proposed expectations for life insurance firms acting as cedants when entering into, or retaining, funded reinsurance arrangements. The PRA’s proposals reflect its assessment that the rising use of funded reinsurance within the UK insurance market presents significant potential risks, including the prospect of unduly concentrated exposures to correlated, credit‑focused counterparties...

The moratorium in administration Central to administration, the moratorium operates as the principal device that enables a company rescue, a restructuring, or the disposal of the business. Its objective is to afford the company and its administrator a period of breathing space to shape and carry out proposals, and to scrutinise the position of the company, its business and its assets. That pause creates room for careful assessment and orderly planning. The consequence of the moratorium (and any interim moratorium) is that proceedings, enforcement and other steps cannot be taken against the company or its property while it remains in force. Claims or actions may only be commenced or continued with the administrator’s consent or the court’s permission. For further detail on the moratorium and its impact, refer to Practice Note: The moratorium in administration. The process of applying to lift the moratorium Before issuing any application requesting the court’s permission to lift the stay, the applicant should first seek the administrator’s agreement. The administrator may consent,...

In this issue: Companies House Corporate governance Equity capital markets Accounts and reports Economic Crime and Corporate Transparency Act Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies House Companies House announces fee changes from February 2026 Companies House has confirmed a revised fees schedule from 1 February 2026, following its annual assessment to align charges with the cost of providing services. Notably, the digital incorporation filing fee will rise to £100, and the digital confirmation statement fee will increase to £50. These adjustments are set out in the Registrar of Companies (Fees) (Amendment) Regulations 2025 (SI 2025/1137), which were laid before Parliament on 30 October 2025 and take effect on 1 February 2026. The accompanying explanatory memorandum states that the updated fees are intended to recover increased costs linked to implementing the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) and the Economic...

In this issue: Investigating criminal conduct Criminal procedure and evidence Sentencing Bribery, corruption, sanctions and export controls Consumer protection and cartels Environmental offences Financial services and pensions offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Local authority prosecutions Money laundering International Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Investigating criminal conduct Refusal to repurpose evidence in civil proceedings for criminal charging decision (WFZ v British Broadcasting Corp) The High Court has recently clarified the circumstances in which a party will be permitted to rely on witness statements outside the proceedings in which they were first served. In ongoing injunction proceedings aimed at stopping publication of a BBC investigative report into sexual abuse allegations, the court determined that the accused could not use sensitive excerpts from that report in representations to the...

In this issue: Information technology Internet Media Advertising, marketing and sponsorship Reputation management Telecommunications LexTalk®TMT: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Information technology Commission consults on draft Guidance on EU Cyber Resilience Act The European Commission has opened a consultation on a draft Communication offering direction on how to interpret and apply in practice Regulation (EU) 2024/2847, the EU Cyber Resilience Act (EU CRA). In line with Article 26(1) EU CRA, this non-binding guidance seeks to support manufacturers, developers and other stakeholders in understanding their obligations and fostering a harmonised approach across the EU, with a particular emphasis on helping microenterprises and small and medium-sized enterprises meet compliance needs. the scope of the EU CRA, including free and open-source software and what constitutes a substantial modification; support period obligations; designation of important and...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

Breach of planning control and enforcement action Under the Town and Country Planning Act 1990 (TCPA 1990), any breach of planning control can be met with enforcement measures. For these purposes, a breach of planning control is understood to mean: undertaking development without the requisite planning permission — this presumes that an unauthorised operation or a material change of use has occurred which amounts to development within TCPA 1990, s 55, that such development requires planning permission, and that no permission has been secured When determining whether a breach of planning control has arisen in this context, the applicable guidance and case law on the meaning of ‘development’ must be applied; see Overview: Is planning permission required?...

What is an assessment period? When a qualifying insolvency event affects the sponsoring employer of an eligible scheme, the scheme moves into a Pension Protection Fund (PPF) assessment period as a result of that event. This arises on the occurrence of that event. The day on which that period starts is known as the ‘assessment date’ for the scheme. Since 3 January 2012, the assessment period is no longer required to last for at least 12 months. Throughout the assessment period, the PPF considers whether the scheme satisfies the requirements for entry into the PPF. In particular, the PPF will appoint an actuary to carry out a valuation of the scheme as at the assessment date, in order to determine whether the scheme’s assets are less than the protected liabilities—broadly, the benefits the PPF would pay to members if the scheme were to enter the PPF...

1 General information Review period [ Insert review period ]; Review date [ Insert date ]; Reviewer(s) [ Insert name(s) ] 2 Data Criteria For the last [ insert period, eg quarter ] and last 12 months, capture totals for: SARs received; ML/TF/PF‑related SARs; SARs to the National Crime Agency (NCA); DSARs needing consent/defence (granted, refused, pending); SARs not sent to the NCA; superSARs; CDD company discrepancy reports; and PEPs added to the central list 3 Review and findings Confirm a refreshed organisation‑wide ML/TF/PF risk assessment in the last year; AML/CTF/counter‑proliferation policies, controls and procedures reviewed, updated and communicated (incl. branches/subsidiaries); SAR and SuperSAR registers current; dates of staff training and record reviews [ Insert date ]. Note any SARs/superSARs needing further review; status of the high‑risk client/matter list (incl. PEPs) and quarterly reviews; CDD discrepancy register; table of high‑risk third countries; patterns/trends, compliance failures (ensure Compliance breaches policy followed), training needs; emerging risks (internal/external); planned new technology and related risks; required remedial actions; and...

[ To be typed on employer’s headed notepaper ] [ Insert date ] Dear [ insert name of employee ] Congratulations, and thank you for informing me of your pregnancy and your baby’s expected due date. I am writing to you regarding your maternity leave and pay arrangements. As discussed, you qualify for 52 weeks of maternity leave, comprising 26 weeks of ordinary maternity leave followed straight away by 26 weeks of additional maternity leave. Based on your selected start date of [ insert date ], your maternity leave will finish on [ insert date ]. Throughout your maternity leave period, all employment terms and conditions will remain in force, apart from those concerning pay. Should you wish to alter your start date, please, where feasible, notify me no later than 28 days before your proposed new start date, or 28 days ahead of [ insert date leave starts ] (your original start date), whichever is earlier. In certain circumstances, your maternity leave may begin earlier than...

1 General information Report date [Insert date]; last report [Insert date]; Submitted by [Insert name and role, e.g. nominated officer]. 2 Action points arising from last report Action point [Action point] — Person responsible [Identify person] — Status [Status]. 3 Executive summary This report covers: business operations; our tax evasion facilitation prevention systems and controls; and key conclusions and recommendations. 4 Summary of business operations [Outline business activities for the period, note any changes in services/products or client groups, and whether these affected prevention procedures.] 5 Evaluation of tax evasion facilitation prevention procedures [Organisation name] maintains measures to prevent the facilitation of tax evasion, including: risk assessment; policies and procedures; channels to report concerns; and a staff training and awareness programme. 6 Conclusions [Are policies and procedures adequate and proportionate, and have they been properly monitored and reviewed? Summarise any system control failures.] 7 Recommendations Area for remedial or pre-emptive action...