Guidance relating to Mortgage Exclusions for Levy purposes. Overview of the mortgage exclusion regime Types of mortgage/charge excluded

Transcription

1 Guidance relating to Mortgage Exclusions for Levy purposes Part 1 Part 2 Overview of the mortgage exclusion regime Types of mortgage/charge excluded Pension Protection Fund 1 December 2014

2 Part 1 Overview of the mortgage exclusion regime Definitions used in this Guidance have the same meaning as those set out in the Levy Rules except that, where any provision of this Guidance refers to the Employer, the provision will apply in the same way if the chargor is an Ultimate Parent or other member of the Employer s Group. The Board s requirements mortgage age variable 1.1 The mortgage age variable (which measures the age of the newest unsatisfied secured charge registered) is a feature of most of the Insolvency Risk scorecards and can have a significant impact on an Employer s Insolvency Risk Score. As with other variables, we are clear that mortgage age is an important predictor of Insolvency Risk across the universe of PPF employers. However, we have considered closely whether this is likely to be true for all mortgage types. The Board has decided that certain types of mortgage or charge will be disregarded when calculating an Employer s Score as they are not necessarily predictive of Insolvency Risk. These are as follows: i. A Refinance Mortgage; ii. iii. iv. A Rent Deposit; A Pension Scheme Mortgage; and An Immaterial Mortgage. v. In addition, where the group benefits from an Investment Grade CRA Rating and criteria set out in the definition of CRA Test in the Levy Rules are satisfied, all mortgages will be disregarded. 1.2 Part 2 sets out the requirements you must satisfy for a mortgage or charge to be identified as one of (i) to (v) above. You may have a combination of (i) to (v); however, you must produce a separate Officer's Certificate for each type of exclusion and you will need to consider carefully which Certificate or which combination of Certificates is appropriate for the scheme. Please note that failure to comply with the requirements set out in Part 2 will mean that your Officer s Certificate/s will be rejected and your Insolvency Risk Score calculated without disregarding the relevant mortgages. Once the relevant assessment of the mortgages has been made and the relevant Officer s Certificate identified, you will need to comply with the requirements in relation to each Certificate. Only one Certificate in respect of each type of Pension Protection Fund 2 December 2014

3 mortgage exclusion will be taken into account per Levy year, so please take care that you only submit one certificate. If you submit a new Certificate when one has already been submitted, the new one will replace the old Certificate and only the new one will be taken into account. You can download all relevant certificates either from Experian s website or from the PPF s website. Part 2 The Board s requirements in relation to the mortgage exclusion regime The circumstances in which a mortgage or charge will be disregarded in assessing an employer s insolvency risk Score are as follows: 2.1 Refinance Mortgage i. A Refinance Mortgage means a security interest registered at Companies House in the UK (or other overseas electronic public registries in the Countries specified in the column relating to the Mortgage Age Variable in of Table 1 of the Insolvency Risk Appendix) in relation to which Experian has by the Measurement Time, received an Officer's Certificate confirming that: (a) (b) the copy/copies of the Refinance Mortgage(s) and of the Original Mortgage(s) together with such related documents as evidence the criteria set out in (b) (e) below which are attached to that certificate are true, complete and up to date; the principal amount secured by the Refinance Mortgage (excluding reasonable legal costs associated with refinancing) is no greater than the principal amount secured by the corresponding Original Mortgage on the date it is released. For the purposes of this definition: (i) (ii) in the case of a term credit facility, the principal amount secured by the Original Mortgage will be assessed by reference to the amount outstanding on the date of release and the principal amount secured by the Refinance Mortgage will be assessed by reference to the maximum amount available on the date it becomes effective; and in the case of a revolving credit facility, the principal amount secured by the Original Mortgage and the Refinance Mortgage will be assessed by reference to the maximum amount available pursuant to the facility (including any Pension Protection Fund 3 December 2014

4 amount actually drawn) on the date of release and the date it became effective respectively, (c) (d) the periodic repayments of principal secured by the Refinance Mortgage in each year of its term are no greater than those that would have been secured by the Original Mortgage in that year if it had not been released; and the interest rate applicable to the principal obligations secured by the Refinance Mortgage is no greater than that applicable to the principal obligations secured by the Original Mortgage and, for these purposes, if either interest rate is not a fixed rate, this criterion will be deemed to be met if either: (i) (ii) it would be met if that rate were taken to be the actual interest rate that was or would have been applicable under the security interest in question on the day the Refinance Mortgage becomes effective; or the formula for calculating that rate pursuant to the Refinance Mortgage is the same or more favourable to the chargor than the formula for calculating that rate pursuant to the Original Mortgage; and (e) The Refinance Mortgage became effective not later than 14 days after the Original Mortgage was released; and, in respect of which, Experian is satisfied, based on the documents referred to in (a), that the criteria in (b) to (e) were met as at the Score Measurement Date in question. ii. iii. In broad terms, this procedure is designed to capture the situation where a new mortgage simply replaces an older one where the borrowing hasn t increased and it s on the same or better terms i.e. it truly is a rollover of an existing mortgage into a new one and so it is reasonable that the mortgage age of the former mortgage should be used in scoring the employer rather than the age of the new one. If you believe that one or more of your mortgages could satisfy this test, then you should submit a Refinance Mortgage Officer s Certificate. When certifying the Refinance Mortgage, you should include copies of all relevant executed documents in respect of the Original Mortgage and the Refinance Mortgage (including the mortgage deed, any facility letters and any other relevant documents) which in respect of both the Original Mortgage and the Refinance Mortgage show specifically the Pension Protection Fund 4 December 2014

5 requirements stated under a) to e) in paragraph i. above. It is important that you highlight the relevant parts of the documents that set out the details required in a) to e) above. iv. You must submit the Certificate plus highlighted attachments to Experian on or before 5pm on 31 March v. Where you have a Refinance Mortgage under this paragraph you will not be able to include it in those mortgages or charges for the purpose of identifying Immaterial Mortgages under paragraph 2.4. Failure to supply relevant documents by the deadline stated will result in the Certificate being rejected. 2.2 Rent Deposits i. Rent Deposit agreements are unlikely to be predictive of insolvency risk and so Experian will disregard them when calculating your Score. We are aware that the requirement to register these charges at Companies House ceased in April 2013 although agreements entered into before this date will have been registered. ii. iii. iv. A Rent Deposit creates a security interest under Section 859A(6)(a) of the Companies Act This is a charge in favour of a landlord on a cash deposit given as security in connection with the lease of land. You must certify in the Rent Deposit Officer s Certificate that the security created by the relevant agreement meets this definition. As part of its data collection procedures, Experian will review charges and mortgages registered at Companies House to decide if it is a Rent Deposit. If it decides that it is, Experian will disregard it when calculating your Score. However, if you are unsure whether this has in fact happened (because you have looked on the Portal and cannot see it has been disregarded), you should submit an Officer s Certificate to this effect. Please note, you should not rely on Experian having identified and excluded any Rent Deposit. If you are in any doubt, you should submit the relevant Officer s Certificate and documentation as required in this Guidance and the Levy Rules. When completing the Certificate, you should include a copy of the executed Rent Deposit agreement. v. You must submit the Certificate and attachments to Experian on or before 5pm on 31 March 2015 Failure to supply relevant documents by the deadline stated will result in the Certificate being rejected. Pension Protection Fund 5 December 2014

6 2.3 Pension Scheme Mortgage i. A mortgage or charge created by an employer in favour of the trustees of a PPF eligible pension scheme (e.g. to improve scheme funding security) may also be disregarded by Experian when calculating your Score. ii. iii. vi. vii. vii. viii. ix. If you wish Experian to disregard such a mortgage or charge in favour of a PPF eligible pension scheme, you should submit an Officer s Certificate to this effect. Please note, you should not rely on Experian having identified and excluded any Pension Scheme Mortgage. If you are in any doubt, you should submit the relevant Officer s Certificate and documentation as required in this Guidance and the Levy Rules. You must complete the Pension Scheme Mortgage Officer s Certificate. You can certify any mortgage or charge in favour of the trustees of a PPF eligible pension scheme whether or not it complies with our requirements to qualify as a Type B Contingent Asset. However, it must be a current charge in favour of the trustees of a pension scheme which has been registered at Companies House in the UK (or other overseas electronic public registries in the Countries specified in the column relating to the Mortgage Age Variable in Table 1 of the Insolvency Risk Appendix)and has not yet been released. The charge may be in favour of named trustees of a named pension scheme or in favour of a corporate pension trustee with reference to a named pension scheme. One or more of the trustees named in the deed may in fact have resigned or been replaced. However, we do not need to see deeds of retirement and appointment which are subsequent to the date of the charge. However, you must send us copies of any deeds or documents effecting a change to the name of the pension scheme to enable us to update the records used by Experian. You must re-certify a new charge if the existing charge in favour of the pension scheme is replaced by another. When completing the Officer s Certificate, you should include a copy of the executed security agreement and of any relevant supporting documents. You must submit the Certificate and attachments to Experian on or before 5pm on 31 March Failure to supply relevant documents by the deadline stated will result in the Certificate being rejected. Pension Protection Fund 6 December 2014

7 2.4 Immaterial Mortgages i. An Immaterial Mortgage is defined in the Levy Rules as one or more security interests registered at Companies House in the UK (or other overseas electronic public registries in the Countries specified in the column relating to the Mortgage Age Variable in Table 1 of the Insolvency Risk Appendix) in relation to which Experian has, by the Measurement Time, received an Officer's Certificate confirming that: (a) (b) the copy (or copies) of the Immaterial Mortgage(s), together with such related documents as evidence the criterion in (b) below, which are attached to that certificate are true, complete and up to date; and either: (i) the principal amount secured by it or, where there is more than one, the aggregate principal amount secured by them is no more than 0.5% of the Total Assets shown in the chargor's Latest Accounts, PROVIDED THAT for the purposes of this definition, the principal amount secured will be assessed as follows: (A) (B) in the case of a revolving credit facility, by reference to the Highest Drawn Amount (as defined in the Levy Rules); and in any other case, by reference to the maximum amount available pursuant to the facility (including any amount actually drawn) on the date it became effective, or (ii) the assets secured pursuant to it are only assets held by the Employer, Group Subsidiary or Ultimate Parent (as the case may be) on trust for the beneficiaries of a self-invested personal pension scheme, and, in respect of which, Experian is satisfied, based on the document(s) referred to in (a) and the documents referred to in the definition of Highest Drawn Amount, that the criterion in (b) was met. ii. Where an Officer s Certificate is submitted which complies with i. above, Experian will disregard such mortgages when calculating your Score. In the case of a revolving credit facility or overdraft facility, this should be Pension Protection Fund 7 December 2014

8 assessed by reference to the Highest Drawn Amount in the period 1 March 2014 to 28 February This amount should be evidenced by bank statements (see further below). Where the revolving facility has not been in place for a full year, or bank statements are not supplied in respect of it, then it will be treated as having a value which is the maximum undrawn amount available under it. iii. iv. You should note that a Refinance Mortgage under paragraph 2.1 will not be accepted as a mortgage which can count towards the 0.5% test set out in the definition of Immaterial Mortgage in the Levy Rules. When completing the Certificate, you should include a list setting out the number, type and size of mortgages attached that are to be relied upon. Copies of executed mortgage documents and any ancillary documents evidencing the size of the credit facility in respect of each mortgage referred to must also be submitted, otherwise the Certificate will be rejected. You should submit only one Certificate per levy year covering all mortgages referred to. v. Overdraft facilities that are the subject of a charge registered at Companies House may be included in the calculation of the 0.5% threshold. To evidence the highest amount drawn, certified copies of bank statements on the overdraft account showing all transactions in the period from 1 March 2014 and ending on 28 February 2015 should be attached to the Certificate. For the purpose of the 0.5% immateriality test, Experian will examine the bank statements and take the value of the Highest Drawn Amount at any time during that period under the overdraft facility relating to the security interest being certified and include this in assessing whether the aggregate value of all certified charges is at or under 0.5% of Total Assets. vi. Experian will apply the conclusions of the latest Certificate across all monthly scores. This means that, in the event that a new charge is registered within the period when Scores are being calculated (October 2014 March 2015 inclusive), you will need to make an assessment as to which charges to certify. This is because that charge may only affect certain Monthly Scores (e.g. if it is entered into in February, it may only affect the February and March Score) but, because it is very new, it may have a significant impact on those Scores it does affect. It is your responsibility to establish which mortgages you should certify in order to achieve the best result. Pension Protection Fund 8 December 2014

9 vii. viii. ix. It is important in each case that you highlight the relevant parts of the documents which show the details required to show the amounts of each mortgage calculated as set out above. You must submit the Certificate and attachments to Experian by 5pm on 31 March If the aggregated amounts of the mortgage/s and attached to the Officer s Certificate add up to more than 0.5% of Total Assets, the Certificate will be rejected and the charges taken into account for scoring purposes. Failure to supply relevant documents by the stated deadline will result in the Certificate being rejected. 2.5 Employers/group members with credit ratings i. The presence of an investment grade rating indicates strongly that a company has access to capital markets and, therefore, any mortgage charge is less predictive of Insolvency Risk. We also recognise that groups might have one or more designated entities in the Employer s group which act as a treasury centre with access to the markets and which benefits from an external rating. Accordingly, the Employer will be assumed to have no mortgages when calculating the Score if an Officer s Certificate is received which confirms that either: a) the Employer itself is CRA Rated and has a CRA Rating at Investment Grade; or b) the Employer is not CRA Rated but another member of the Employer s Group is CRA Rated and each other member of the Employer s Group which is CRA Rated has a CRA Rating which is Investment Grade. The Board will check that the certificated rating of Investment Grade remains correct at 31 March If it does not, the exclusion will not apply. ii. iii. For the purpose of the above test we define a rating for a CRA Rated entity as a publicly available long term unsecured issuer rating provided by one of the three main rating agencies: Standard & Poor s; Fitch Ratings; and Moody s Investor Services. A CRA Rating is Investment Grade if it is BBB- or better when the rating agency is S&P or Fitch or Baa3 or better if the agency is Moody s. Where there is only one such rating, that rating is the CRA Rating which will be used. If there are two CRA Ratings in relation to the Employer or other member of the Employer s Group, the less favourable rating will be Pension Protection Fund 9 December 2014

10 used. If there are three ratings in relation to the Employer or other member of the Employer s group, the second most favourable rating will be used. iv. If any time the CRA Rating of a CRA Rated entity (the Employer and any other CRA Rated member of the Employer s group) drops below Investment Grade you must inform Experian in writing immediately. 3. General 3.1 For an Officer s Certificate to be accepted, the Board must be satisfied that it is signed by the appropriate person. Those who can sign an officer s certificate for a mortgage exclusion are: (a) (b) any director or the company secretary, in the case of a company; any member, in the case of a limited liability partnership; (c) the general partner, in the case of a limited partnership. Pension Protection Fund 10 December 2014

11 Officer s Certificate under 2015/2016 Levy Determination CRA Rating 1. I, [insert name], hereby certify that I am duly authorised to give this Officer s Certificate on behalf of [name of entity] and hereby confirm that I am: (a) a director or the company secretary, in the case of a company; or (b) a member, in the case of a limited liability partnership; or (c) the general partner, in the case of a limited partnership. 2. EITHER [I hereby confirm that [name of entity] is the Employer (as defined in section 318 of the Pensions Act 2004) or the Ultimate Parent of the Employer and is CRA Rated* and its CRA Rating** is Investment Grade***.] OR [I hereby confirm that the Employer or the Ultimate Parent of the Employer is not CRA rated but [insert name of CRA Rated member which is part of the Employer s Group] is CRA Rated and [insert name of CRA Rated member which is part of the Employer s Group] has a CRA Rating** that is Investment Grade.] 3. [I hereby confirm that where there is more than one member with a CRA Rating in the Employer s Group, each of those members has a CRA Rating which is Investment Grade.] Capitalised terms in this Certificate have the same meaning as those set out in the Board's Determination under s175(5) of the Pensions Act The information contained within this certificate is complete and accurate. In confirming this, I am 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 PPF Board 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 for the purposes of exercising its functions and acknowledge that the information provided in this Officer s Certificate will be used by the Board for the purposes of exercising its functions. Pension Protection Fund 11 December 2014

12 . Name and capacity in which signing. Date * CRA Rated means directly rated by one or more of Moody s Investors Service, Fitch Ratings or Standard & Poor s Ratings. **"CRA Rating means the publicly available long term unsecured issuer rating from one or more of Moody s Investors Service, Fitch Ratings or Standard and Poor s Ratings. Where there is only one rating, that rating is the CRA Rating for the purposes of this Certificate. Where there are two such ratings, the least favourable rating is the CRA Rating. Where there are three such ratings, the second most favourable is the CRA Rating under this Certificate. *** Investment Grade means (a) Baa3 or better in the case of a rating by Moody s Investors Service; and (b) BBB- or better in the case of a rating by Fitch Ratings or Standard and Poor s Ratings Service. Pension Protection Fund 12 December 2014

13 Officer s Certificate under 2015/2016 Levy Determination Immaterial Mortgages 1. I, [insert name], hereby certify that I am duly authorised to give this Officer s Certificate on behalf of [name of entity] and hereby confirm that I am: (a) a director or the company secretary, in the case of a company; or (b) a member, in the case of a limited liability partnership; or (c) the general partner, where the Employer is a limited partnership. 2. I hereby confirm that: (a) (b) (c) (d) (e) I have attached to this Certificate a list of the Immaterial Mortgages, copies of each Immaterial Mortgage and related documents; the copies of the Immaterial Mortgages, any certified copies of bank statements and any copies of supporting documentation attached to this Certificate are true, complete and up to date; the aggregate principal amount secured by the Immaterial Mortgages is [ insert figure]; and either (i) as at the date of this Certificate the figure in (c) above is no more than 0.5% of the Total Assets shown in the chargor's Latest Accounts provided that for these purposes, the principal amount secured is assessed as follows: (A) in the case of a revolving credit facility, by reference to the Highest Drawn Amount*; and (B) in any other case, by reference to the maximum amount available pursuant to the facility (including any amount actually drawn) on the date it became effective, or (ii) the assets secured by the Immaterial Mortgages are assets held by the Employer, Group Subsidiary or Ultimate Parent (as the case may be) on trust for the beneficiaries of a self-invested personal pension scheme ("SIPP") whose operator is regulated by the Financial Conduct Authority under FCA no. [ ]; and I have attached a list of those mortgages which are shown as charges against [name of entity] but which relate solely to its role as trustee of a SIPP. Pension Protection Fund 13 December 2014

14 Capitalised terms in this Certificate have the same meaning as those set out in the Board's Determination under s175(5) of the Pensions Act The information contained within this certificate is complete and accurate. In confirming this, I am 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 PPF Board 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 for the purposes of exercising its functions and acknowledge that the information provided in this Officer s Certificate will be used by the Board for the purposes of exercising its functions.. Name and capacity in which signing. Date *"Highest Drawn Amount" means: (a) Where paragraph (b) does not apply, the maximum amount available pursuant to the revolving facility to the Employer or other member of the Employer's Group in relation to which the security interest is being certified as an Immaterial Mortgage; (b) This paragraph (b) applies where: (i) the revolving facility has been available since 1 March 2014 or earlier; (ii) Experian has received certified copies of bank statements for the period starting on 1 March 2014 and ending on 28 February 2015 which show all transactions in that period pertaining to the account which provides the facility relating to the security interest being certified as an Immaterial Mortgage; and (iii) Experian is satisfied that, on the basis of the statements referred to in (ii), the greatest amount actually drawn pursuant to the facility over the period referred to in (ii) by the Employer or other member of the Employer's Group (as the case may be) is lower than the amount referred to in (a). Where this paragraph (b) applies, the Highest Drawn Amount shall be the amount referred to in (iii). Pension Protection Fund 14 December 2014

15 Officer s Certificate under 2015/2016 Levy Determination Pension Scheme Mortgage dated [ ] issued by [ ] in favour of [insert name of trustees and name of pension scheme] The Pension Scheme Mortgage I, [insert name], hereby certify that I am duly authorised to give this Officer s Certificate on behalf of [name of entity] and hereby confirm that I am: (a) a director or the company secretary, in the case of a company; or (b) a member, in the case of a limited liability partnership; or (c) the general partner, in the case of a limited partnership. 2. I hereby confirm that: a) the copy of the Pension Scheme Mortgage attached to this Officer s Certificate is true, complete and up to date; and b) the persons entitled to the security interest under the Pension Scheme Mortgage are the trustees of the [insert name and PSR number of Scheme] which is a PPF eligible pension scheme. Capitalised terms in this Certificate have the same meaning as those set out in the Board's Determination under s175(5) of the Pensions Act The information contained within this certificate is complete and accurate. In confirming this, I am 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 PPF Board 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 for the purposes of exercising its functions and acknowledge that the information provided in this Officer s Certificate will be used by the Board for the purposes of exercising its functions.. Name and capacity in which signing. Date Pension Protection Fund 15 December 2014

16 Officer s Certificate under 2015/2016 Levy Determination Mortgage number [ ] dated [ ] issued by [ ] in favour of [ ] The Original Mortgage Refinance Mortgage number [ ] dated [ ] issued by [ ] in favour of [ ] The Refinance Mortgage 1. I, [insert name], hereby certify that I am duly authorised to give this Officer s Certificate on behalf of [name of entity] and hereby confirm that I am: (a) a director or the company secretary, in the case of a company; or (b) a member, in the case of a limited liability partnership; or (c) the general partner, in the case of a limited partnership. 2. I hereby confirm that: (a) the copies of the Refinance Mortgage and of the Original Mortgage attached to this certificate are true, complete and up to date*; (b) the principal amount secured by the Refinance Mortgage (excluding reasonable legal costs associated with refinancing) is no greater than the principal amount secured by the Original Mortgage on the date it is released. For these purposes: (i) in the case of a term credit facility, the principal amount secured by the Original Mortgage will be assessed by reference to the amount outstanding on the date of release and the principal amount secured by the Refinance Mortgage will be assessed by reference to the maximum amount available on the date it becomes effective; and (ii) in the case of a revolving credit facility, the principal amount secured by the Original Mortgage and the Refinance Mortgage will be assessed by reference to the maximum amount available pursuant to the facility (including any amount actually drawn) on the date of release and the date it became effective respectively, (c) the periodic repayments of principal secured by the Refinance Mortgage in each year of its term are no greater than those that would have been secured by the Original Mortgage in that year if it had not been released; (d) the interest rate applicable to the principal obligations secured by the Refinance Mortgage is no greater than that applicable to the principal obligations secured by Pension Protection Fund 16 December 2014

17 (e) the Original Mortgage and, for these purposes, if either interest rate is not a fixed rate, this criterion will be deemed to be met if either: (i) it would be met if that rate were taken to be the actual interest rate that was or would have been applicable under the security interest in question on the day the Refinance Mortgage becomes effective; or (ii) the formula for calculating that rate pursuant to the Refinance Mortgage is the same or more favourable to the charger than the formula for calculating that rate pursuant to the Original Mortgage; and the Refinance Mortgage became effective not later than 14 days after the Original Mortgage was released. *You must highlight those parts of the Original Mortgage and the Refinance Mortgage which support the confirmations given in 2(b) 2(c) 2(d) and 2(e). Capitalised terms in this Certificate have the same meaning as those set out in the Board's Determination under s175(5) of the Pensions Act The information contained within this certificate is complete and accurate. In confirming this, I am 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 PPF Board 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 for the purposes of exercising its functions and acknowledge that the information provided in this Officer s Certificate will be used by the Board for the purposes of exercising its functions Name and capacity in which signing Date Pension Protection Fund 17 December 2014

18 Officer s Certificate under 2015/2016 Levy Determination Rent Deposit number [ ] dated [ ] issued by [ ] in favour of [ ] (the Rent Deposit ) I, [insert name], hereby certify that I am duly authorised to give this Officer s Certificate on behalf of [name of entity] and hereby confirm that I am: (a) a director or the company secretary, in the case of a company; or (b) a member, in the case of a limited liability partnership; or (c) the general partner, in the case of a limited partnership. 2. I hereby confirm that: a) the copy of the Rent Deposit agreement attached to this Officer s Certificate is true, complete and up to date; and b) the Rent Deposit agreement creates a security interest which falls within the description in section 859A(6)(a) of the Companies Act Capitalised terms in this Certificate have the same meaning as those set out in the Board's Determination under s175(5) of the Pensions Act The information contained within this certificate is complete and accurate. In confirming this, I am aware that it is a criminal offence under section 195 of the Pension Act 2004 for any person knowingly or recklessly to provide false or misleading information to the PPF Board 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 for the purposes of exercising its functions and acknowledge that the information provided in this Officer s Certificate will be used by the Board for the purposes of exercising its functions.. Name and capacity in which signing. Date Pension Protection Fund 18 December 2014