On the go: The Pension Protection Fund has confirmed that the levy it expects to collect for the 2019/20 year is £500m, down from the £550m estimated for 2018/19.
The final levy rules for the 2019/20 year published on Wednesday are largely unchanged from the proposals set out in the PPF’s September’s consultation.
The consultation also set out the PPF's methodology for calculating a levy for commercial consolidators. Responses have helped the PPF refine proposals to establish a workable rule for next year.
David Taylor, executive director and general counsel at the PPF, commented: “As one of the PPF’s four sources of funding, the levy continues to play a vital role in our funding strategy. Despite significant risks, we’re on track to meet our long-term funding target which means we can set the levy at this level."
He added: “We’ve taken on board comments around our approach to commercial consolidators. The Department for Work and Pensions and the Pensions Regulator outlined their approaches last week; the levy rule we are publishing today dovetails with this. Our thinking on this will continue to evolve as the regulatory framework becomes clearer, but feedback has helped us establish a workable, risk-reflective rule for the 2019/20 levy year.
A full list of the relevant deadlines for the 2019/20 levy year has been published alongside the determination. Pension scheme trustees and employers can log on to view and check their insolvency data and scores at: www.ppfscore.co.uk
