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PPF consults over levy plans

The Pension Protection Fund has published a consultation document setting out how it intends to calculate its levy .

The paper, launched last week, proposes that the levy is set for three years between 2008 and 2011. It also says Dun & Bradstreet will continue as the PPF insolvency provider for a further two years, after which the contract will go out for tender.

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 PPF is also proposing a change to the timing of setting the levy to apply from 2009/10. For 2009/10 onward, the date at which the risk factors are measured and by which all data must be supplied to the board will be 12 months in advance of the start of the levy year.

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 setting the levy, it provides good advance notice of likely bills and enables us to set a levy which is fair and proportionate but protects the interests of those receiving PPF compensation.”

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