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PPF to cut levy to £550m

The Pension Protection Fund has revealed plans to cut the levy it charges to UK defined-benefit schemes from £600m this year to £550m in 2012/13.

The decision was announced yesterday alongside a consultation proposing a series of changes to the way the levy is calculated.

The changes are designed to smooth the PPF’s measure of scheme funding levels and reflect investment risks taken by pension funds.

The new charging regime will be fixed for three years to allow pension schemes to plan for their levy with greater certainty.

PPF chief executive Alan Rubenstein says: “The further reduction in the amount of levy we want to collect again recognises our desire to protect employers and pension schemes which are still navigating choppy waters, while remaining mindful that we also have to protect our own financial position.”

Confederation of British Industry director for employment and pensions Neil Carberry says: “Given the fragile economy, the lowest-yet total PPF levy is welcome news for business.

“While companies’ individual levies will vary, greater predictability will also help them plan ahead.”


Ocean Dial looking to India

Ocean Dial Asset Management is considering launching sector-specific Indian funds as it develops its range of niche products. Last week, parent company Caledonia relaunched India Investment Partners as Ocean Dial Asset Management and took 100 per cent ownership of the boutique. The firm was previously 60 per cent owned by two private stakeholders, James Winterbotham […]


Does bank guarantee take away caveat emptor?

The Financial Services Compensation Scheme’s guarantee of bank deposits has not taken responsibility away from the consumer, according to replies to a question posed by a joint committee member. Lord Maples asked if the FSCS’s guarantee of deposits up to £85,000 undermined the principle of caveat emptor, encouraging people to chase accounts with higher returns […]

Voyant offers help producing consumer facing websites

IFA technology firm Voyant has launched its new offering which helps create consumer-facing websites. Canvas is aimed at larger-scale adviser firms, banks and wealth management companies. SnapShot is the first product to be developed with the new client-facing proposition. This enables advisers, relationship managers and consumers to review, track and update the progress of a […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading


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