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PPF announces 575m levy

The Pension Protection Fund has announced its levy on business will be 575m for the year 2006/07, almost double the original estimate of 300m.
PPF chairman Lawrence Churchill says he believes the proposals are a fair, simple and proportionate basis for getting the risk based levy started. Churchill says no fund will have to pay more than 0.5 per cent of its liabilities.
Churchill says: Our proposals for the distribution of the levy across schemes are now firm, and, taken together with the levy estimate, we believe that schemes and their sponsoring employers have the information required to implement their risk reduction plans with confidence.
Conservative shadow work and pensions secretary Philip Hammond says: It is a matter of concern that the Government figures given to Parliament when the legislation for the PPF was passed suggested that the cost would be around a half of what it has actually turned out.”

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