29.05.2025
PPF Levy
The inclusion of provisions intended to give us greater flexibility to further reduce the conventional PPF levy are a positive, and important, step forward.Earlier this year, we confirmed our levy approach for 2025-26. Back then, informed by the government’s signal that it was considering making the changes we need, we acted to reduce our 2025-26 levy estimate to £45m. In addition, we included a new provision in our levy rules to give the Board the opportunity to calculate a zero conventional levy if appropriate legislative changes were brought forward, and sufficiently progressed, in the course of 2025/26.
Now that these measures are being brought forward, we’ll closely monitor their progress as the Bill passes through its parliamentary stages. We’ll take a final decision on the calculation of the 2025/26 levy in line with the new provision in due course and don’t plan to proceed with invoicing until we’ve concluded our decision-making. We intend to work constructively to support policy makers and stakeholders as these measures are considered further. We’ll keep our levy payers informed of progress and expect to provide a further update to schemes by the end of July.
We continue to recognise the vital importance of balancing both levy payer and member interests. We’ll continue to prioritise supporting the government with the proposed changes to the levy and its fresh consideration of our compensation framework, including pre-97 indexation.
