Certification of type B(i) (cash) contingent assets
2016/17
Scheme name:
Test Defined Benefit Scheme for Contingent Asset
PSR number:
10040600
Certificate number:
3987
Date certified:
27 January 2016
Time certified:
5:00 PM
Printed by:
Andy Sayers
If this contingent asset has not been recognised by the Board of the Pension Protection Fund for the purposes
of the previous levy year, you must send the following hard copy documents to the Board:
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•
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a certified copy of the account security agreement
a blacklined document showing the changes from the Pension Protection Fund’s required form or
confirmation that there are no changes to the required form
a copy of the legal opinion and any officer's certificate
a copy of the bank statement referred to in part (e) of the certificate
a copy of this certificate
For all new contingent assets, the Board will require evidence that the benefit to the chargor of entering into the contingent
asset agreement has been considered and established.
If this contingent asset has been recognised by the Board of the Pension Protection Fund for the purposes of
the previous levy year, you must send the following hard copy documents to the Board:
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•
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if the account security agreement has been amended since you last sent a copy to the Board, a
certified copy of the amended account security agreement or the amending document
a copy of the bank statement referred to in part (e) of the certification
if you are sending any hard copy documentation, a printed copy of this certificate for identification
purposes
All documents must be received by the Board no later than midnight on 31 March 2016.
The address to send your documentation to is:
Pension Protection Fund, Renaissance, 12 Dingwall Road, Croydon, Surrey, CR0 2NA
Date printed: 27 January 2016
Certificate Number: 3987
Date printed: 27 January 2016
Page 2 of 5
Basic details
Scheme name
Test Defined Benefit Scheme for Contingent Asset
PSR number
10040600
Type of voluntary certificate
Contingent assets - type B(i) (cash)
Voluntary certificate number
3987
Levy year (to be applied to)
2016/17
Date certified
27 January 2016
Chargor details
Name of chargor
Chargor Name
Type of organisation
Private limited company
Registration number
12345678
Registered office address (or
equivalent)
The Pensions Regulator
Napier House
Trafalgar Place
BRIGHTON
BN1 4DW
United Kingdom
Bank details
Name of account bank
Bank Account Name
Country of domicile
United Kingdom
Regulated by
Regulator
Moody’s rating
AAA
Standard & Poor’s rating
AA
Fitch rating
A+
PSR Number: 10040600
Certificate Number: 3987
Date printed: 27 January 2016
Page 3 of 5
Contingent asset details
Effective date
31 March 2014
Statement date of cash balance
20 January 2016
Cash balance in charged
account
£100000.00
Chargor’s maximum liability as
A fixed amount.
set out in the security agreement
Amount
PSR Number: 10040600
£100000.00
Certificate Number: 3987
Date printed: 27 January 2016
Page 4 of 5
Certification
Certification (a)
I confirm that I am authorised by and on behalf of the trustees or managers of
the scheme/section to complete this certificate.
Certification (b)
I confirm that the Chargor has entered into a security agreement in respect of
a bank account in favour of a scheme/section as detailed above.
Certification (c)
I confirm that the security agreement:
i) is a legally binding, valid and enforceable obligation of the Chargor;
ii) has been properly registered as required by the Companies Act 1985 or
any other applicable legislation;
iii) is in the Pension Protection Fund’s required form for such documents
(as published on its website as at the date on which the security
agreement was entered into), subject only to variations which have been or
will be notified to the Board of the Pension Protection Fund no later than
midnight on 31 March 2016, and which do not have a materially
detrimental effect on the rights of the trustees as compared with the
required form;
iv) creates a first priority legal mortgage or fixed charge in favour of the
trustees of the scheme/section over all amounts standing to the credit of
the bank account referred to above, and such amounts are not subject to
any prior or pari passu security interest; and
v) secures the liability to the scheme/section of, and can be enforced upon
the occurrence of an Insolvency Event (as defined in the security
agreement) in respect of any of the employers listed in Schedule 1 to the
security agreement, which schedule lists every undertaking which is both
(A) an “associate” of the Chargor within the meaning set out in Section 435
of the Insolvency Act 1986, and (B) an “employer” in relation to that
scheme/ section within the meaning set out in Section 318 of the Pensions
Act 2004 and regulations made thereunder.
Certification (d)
I confirm that the declarations made in (c)(i)-(v) above are given on the basis
of a legal opinion received from an appropriately qualified person and are
made subject only to the assumptions and qualifications specified in that
opinion.
Certification (e)
I confirm that the credit balance on the charged account as at the date
specified under "Cash balance" was as stated there, no withdrawals have
been made since that date and a copy of a bank statement verifying such
balance has been or will be sent to the Board of the Pension Protection Fund
no later than midnight on 31 March 2016.
Certification (f)
I confirm that I am aware of the "Guidance in relation to contingent assets"
published by the Board of the Pension Protection Fund on its website.
Certification (g)
I confirm that I have notified the Board of the Pension Protection Fund of any
attempt that has been made to enforce the security created by the security
agreement.
PSR Number: 10040600
Certificate Number: 3987
Date printed: 27 January 2016
Page 5 of 5
Certification (h)
I confirm that the information contained within this certificate is complete and
accurate, and the trustees or managers (as the case may be) of the
scheme/section undertake to notify the Board of the Pension Protection Fund
promptly if the terms of the contingent asset are amended in any respect, the
contingent asset is terminated or if any of the information in this certificate
otherwise ceases to be true and correct on or before 31 March 2017.
Certification (i)
I am aware that it is a criminal offence under section 80 of the Pensions Act
2004 for any person knowingly or recklessly to provide false or misleading
information to the Regulator in circumstances in which the person providing
the information intends or could reasonably be expected to know, that it would
be used by the Regulator for the purposes of exercising its functions. I am
also aware that it is a criminal offence under section 195 of the Pensions Act
2004 for any person knowingly or recklessly to provide false or misleading
information to the Board of the Pension Protection Fund in circumstances in
which the person providing the information intends or could reasonably be
expected to know, that it would be used by the Board of the Pension
Protection Fund for the purposes of exercising its functions.
Certification (j)
The Contingent Asset is given / purchased by an entity which is an
Employer’s Associate, and where that is by virtue of paragraph 4(5)(b) of the
Contingent Asset Appendix evidence will be (or has been) provided to the
Board no later than midnight on 31 March 2016, as to the details of the
relationship between the Guarantor, Chargor or Purchaser and the Scheme
Employer and the reason for giving / purchasing the Contingent Asset.
PSR Number: 10040600
Certificate Number: 3987