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The Pension Protection Fund (PPF) has today published its consultation document on changes to the Pension Protection Levy for 2017/18.
The document sets out a proposed mechanism for stakeholders to notify Experian, the PPF’s insolvency risk services partner, where the move to new UK accounting standard FRS 102 would otherwise cause an artificial movement in their rating.
Also in the consultation document the PPF reiterates its position on schemes that have no substantive sponsoring employer, including the need for a new approach for calculating risk-based levies where such schemes do exist.
David Taylor, General Counsel of the PPF, commented:
“2017/18 marks the final year of the current triennium – the period over which we aim to keep rules stable. We have delivered on that commitment to stability, while addressing issues raised by stakeholders – particularly the potential impact of moving to new accounting standards.”
The consultation document also states that the amount that the PPF expects to collect in 2017/18 – the levy estimate – will be set at £615m.
David Taylor added: “Our levy estimate for 2017/18 remains at £615 million. This, despite the recent claims and wider economic uncertainty we have seen, is unchanged from last year’s estimate, reflecting the long-term approach we take.”
After the levy consultation closes on 31 October, the PPF will finalise the rules and publish the levy determination in December. It will also consult on the new levy triennium around the end of the year.
Pension scheme trustees and employers can log on to view and check their data and scores at
The Pension Protection Fund:
The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. More than 120,000 people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.
For further press information contact:
PPF Press Office
020 7566 9775
[email protected]