We’ve published our levy rules for 2023/24

Our consultation setting out our plans for the 2023/24 levy rules closed on 10 November. Today we’ve published our policy statement with the formal levy rules. 

There will be a significant reduction in levy next year, following strong support from our stakeholders during our six-week consultation period. 

We’re almost halving the levy estimate for next year, which is expected to result in almost all schemes paying less levy. 

In our consultation period, levy payers and industry experts welcomed our proposals for the change to cut the levy from £390 million this current year to around £200 million for 2023/24. This is down from £620 million in 2020/21.

Oliver Morley, Chief Executive, said: “We are pleased to announce that next year’s Levy will be reduced by almost half. The industry has told us our proposals are sensible and welcome at a time when there are many financial pressures on employers. It is excellent news that as a result of our strong financial position, and the current level of perceived risk posed to the PPF, we can actively reduce the levy while still ensuring a positive and secure outcome for our current and future members.  

“We are very grateful for the feedback on our proposals for next year’s Levy Rules and the helpful insights which will continue to inform the development of future levy methodology.” 

Find out more

Read our policy statement and press release for more information.