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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.”


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