Ana Moreno, media relations manager at the Pension Protection Fund, says that the former investment bank applied late in the evening on Thursday 19 September.
“We can now confirm that we have received a S120 notice, in respect of Lehman Brothers Ltd. We are currently waiting fo rthe information from the trustees, to enable us to determine if the pension scheme has entered the PPF assessment period,” Moreno says.
The next stage will be the ‘validation process’. Having received he S120, the PPF now has to check whether the pension scheme is eligible and if it is a qualifying insolvency event. Once this has been verified, this will then trigger the beginning of an assessment period. During this period the Pension Protection Fund will assess whether or not it must assume responsibility for the scheme, she explains.
During the assessment period the Pension Protection Fund looks to determine whether a scheme is eligible for entry. While this is occuring, the scheme will continue to be administered by its trustees, subject to various restrictions and controls.
Lehman Brothers administrators in the UK, PricewaterhouseCoopers said that the Lehman Brothers’ UK scheme had a significant shortfall, two weeks ago.