The Pension Protection Fund today confirmed the levy rules for 2017/18. The final levy rules are not substantively changed from those published in December, except to include the levy rule for schemes which cease to have a substantive sponsor following a restructuring.
The PPF consulted on this new 2017/18 rule in February and will consult again on the subject for 2018/19. In advance of that, the PPF would be keen for stakeholders to provide further comment and views on this new area. The policy statement provides additional information and explanation to assist with this.
The 2017/18 policy statement, which sets out the PPF’s conclusions on comments received through the February consultation, can be found here.
The policy statement also lists a small number of minor clarifications and typographical changes made to the levy rules published in December to ensure the drafting best conveys the policy intent.
Download the consultation on schemes with no substantive employer document
Pension scheme trustees and employers can log on to view and check their data and scores at: https://www.ppfscore.co.uk/
Schemes and sponsoring employers are reminded of the deadlines for the 2017/18 levy year which can be found here.
The December announcement of the levy rules can be found here.
Notes to editors
On 23 March the PPF launched a consultation on the levy rules for the third triennium, starting in 2018. The document can be found here.
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. Tens of thousands of 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:
The PPF Press Office
020 7566 9775