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PPF aims to create more stability through three year estimates

The Pension Protection Fund is consulting on setting its levies for three years to improve stability for schemes.

The PPF consultation proposes that the levy is set for three years, between 2008 and 2011, and asks for feedback on creating a better fit between levy setting and long-term risk.

The levy is currently set on a yearly basis but the changes will mean that for the next three levy years the PPF will maintain a stable levy estimate for each year, index-linked, subject to a significant change in long-term risk.

The consultation also confirms that Dun & Bradstreet will continue as PPF insolvency risk provider for another two years, despite a recent glitch which saw the credit-rating agency wrongly downgrade over 300 firm’s risk ratings.

PPF chief executive Partha Dasgupta says: “We listen carefully to levy payers and we believe this proposal is a positive response to what they have been saying. As well as achieving stability in levy setting, it provides good advance notice of likely bills and enables us to set a levy which is fair and proportionate but still protects the interests of those receiving PPF compensation.

“We are also seeking to improve the fit between setting the levy estimate and, importantly, individual bills to the work we are doing to determine long-term risk, as part of our Long Term Risk Model. We are now keen to hear what people think about how the levy can develop in the decades to come.”


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