Have your say on the 2026/27 PPF levy

Our consultation on our proposed approach for the 2026/27 PPF levy is now open to receive submissions.

A summary of our proposals for 2026/27:

• Set a zero PPF levy for conventional schemes dependent on the passage of the levy measures in the Pension Schemes Bill
• Continue to charge a levy for Alternative Covenant Schemes (the ACS levy) with refinements
• Conduct a wider review of the ACS levy methodology to inform how we might need to adapt our approach further to reflect market developments

Our Chief Actuary, Shalin Bhagwan, said, “Our intent for next year is to not charge a PPF levy to conventional schemes. Provided the legislative changes we need continue to make good progress and we have high confidence they will become law, we’ll then confirm a zero levy for next year. To align our decision making with the remaining passage of the Bill we intend to take a flexible approach and have prudently set out a fallback option if required. In the expectation that we’ll ultimately only be charging an ACS levy next year, we’d especially welcome views on our proposed rule changes and intend to conduct a wider review of the ACS levy methodology.”

Submit your views

You can read more about our proposals and respond to the consultation on our help shape our levy rules page.

The consultation closes at 5pm on 5 January 2026.