Pension schemes: pension protection fund and contingent assets
The Pension Protection Fund (PPF) has published its Levy Estimate for the 2013/14 levy year. The PPF estimate for 2013-14 is £630m; an increase of 15% from the 2012/13 estimate of £550m. Readers will note that the Levy Estimate, which the PPF states was the main focus of the responses to the consultation exercise, has increased by less than the PPF is permitted to increase the levy by under the New Levy Framework.
There have been no material changes in policy since the consultation exercise, and the PPF reiterated its commitment to making as few changes as possible to its Levy Rules. The changes described by the PPF in its consultation document in 2012 have, largely, been carried through. In particular, the increased levy estimate has caused a change to:
- the PPF’s levy scaling factor — which helps it distribute the levy among eligible schemes — which has been confirmed at 0.73
- the scheme-based levy multiplier — used to calculated the scheme-based levy — which has been confirmed at 0.000056…
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