The Pension Protection Fund (PPF) has announced that it will give levy payers struggling as a result of the coronavirus pandemic up to 90 days interest free to pay their 2020/21 levy bill.
Schemes and sponsoring employers can apply for the extension on receipt of their invoice if they are struggling due to the economic impact of coronavirus.
David Taylor, Executive Director and General Counsel at the PPF, said: “We recognise that these are challenging times for many and so are offering our levy payers longer to pay their levy bill if they’ve been affected by the current crisis.
"We hope this new measure, along with our existing levy payment plan option, will be able to help our levy payers where they have been affected by the pandemic.”
To be considered for the extension, an online ‘COVID-19 notification form’ must be completed. Applicants simply need to explain how they have been negatively impacted by COVID-19 and commit to paying their levy bill within 90 days before interest can be waived.
Schemes or sponsoring employers who apply to pay their levy in instalments will typically be charged a sliding scale of interest.
Visit the PPF website’s Help paying your levy page for more information on payment options.
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