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The Pension Protection Fund (PPF) announced that the 2016/17 levy estimate will be set at £615m and published the 2016/17 PPF levy consultation document. The consultation closes on 22 October 2015. |
David Taylor, General Counsel of the PPF, commented: “As we’ve previously outlined, our desire is to keep the methodology we use for calculating the levy as stable as possible for each three year period. As a result, given this is the second year of the levy triennium, the rules are substantially the same as those published in 2015/16.
“Our estimate for how much we will collect in 2016/17 - £615 million, is lower than last year’s estimate of £635 million. This reduction reflects improvements in the Experian scores that scheme employers and guarantors are receiving, balanced by a deterioration in smoothed scheme funding.”
The proposals in the consultation document are intended to continue to improve practical elements of the levy rules and reduce burdens on schemes. The PPF is proposing to simply the process for re-certifying mortgage exclusions and asset backed contributions. Alongside this the PPF is launching a series of interactive half-day seminars in five major cities for pension scheme trustees, employer representatives and professional advisers. These seminars will provide an introduction to the issues raised in certifying Type A contingent assets for recognition in the levy. The consultation confirms that Experian scores will be used between April 2015 and March 2016 for the 2016/17 PPF levy. Pension scheme trustees and employers can log on to view and check their scores and supporting data here: |
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