High Court upholds the PPF Ombudsman’s decision on the disregard of a contingent asset guarantee for PPF risk-based levy purposes

Pension schemes that potentially qualify for assistance under the Pension Protection Fund (PPF) are required to pay a levy that includes a risk-based levy, which is based on the insolvency risk of the sponsoring employer and the funding position of the scheme (measured on a specific basis). There are certain circumstances in which the risk-based levy can be reduced — e.g. if the scheme has the benefit of a contingent asset guarantee that satisfies prescribed requirements.

The PPF issues an annual determination policy that specifies how the risk-based levy is to be calculated for that levy year, and indeed it did so for the levy year 2011–12, which was the subject matter of a recent High Court case…

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