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What are contingent assets?

There are three types of contingent asset arrangements which - providing certain requirements are met - can reduce the amount of risk-based levy your scheme will pay.� Types of contingent assets Type A: Guarantees from a parent or group companyType B: Cash, UK real estate and securitiesType C: Letters of credit and bank guarantees

What is the risk-based levy?

It�s calculated on the likelihood of your scheme being unable to pay out pensions due to insufficient funding, insolvency and the potential size of the claim that would be passed on to us. The amount of risk-based levy (RBL) you pay will be based on your annual s179 valuation information, following adjustment. It takes account of scheme funding, insolvency and investment risks.� If your scheme doesn't have a deficit then you won't have to pay the RBL.

What are deficit reduction contributions?

Deficit reduction contributions are payments to the scheme that are additional to the regular ongoing funding contributions.� These payments may reduce your scheme-based levy, providing you have certified them correctly. Learn how to certify deficit reductions

Levy rules for 2018/19

The following rules and guidance set out how we calculated the levy for the 2018/19 levy year. These were published following a consultation. The following rules and guidance�provide a detailed explanation of how we calculate the levy. The appendices and guidance documents include steps that schemes can take to ensure they receive credit for positive actions, such as certifying contingent assets or deficit reduction contributions.

Stewardship policy

The policy should be considered alongside our Statement of Investment Principles (SIP), our Climate Change Policy and our overall RI framework and strategy�The SIP is the written statement governing our decisions about investments, and reflects the objectives and timeframes of our current and future beneficiaries and stakeholders.�

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2021/22 levy year

Invoices for this levy year will be issued in autumn 2021. Find out more information about our insolvency risk partner D&B, and how you can shape our levy rules here. 

GMP Equalisation Adjustment Form

How your levy has been calculated for 2018/19 and what’s changed

The levy scaling factor (LSF) has been reduced to 0.48 The scheme based levy remains at 0.000021 x unstressed liabilities The risk based levy cap has been reduced to 0.5% (0.005000) x unstressed liabilities

2019/20 levy year

We issued invoices for this year in September 2019. Find out more information on how to pay and the levy rules here.