All PPF levy articles – Page 2
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NewsDB scheme membership plummets 2.5m in 10 years
On the go: New data from the Pensions Regulator shows that defined benefit schemes continued to decline in 2020-21, a decrease that has gone almost unbroken since 2012.
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NewsPLSA calls for ‘major review’ of Fraud Compensation Fund
On the go: The Pensions and Lifetime Savings Association has called for a “major review” of the Fraud Compensation Fund, branding the current arrangement “not fit for purpose”.
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NewsPPF Purple Book shows improved DB funding but risks remain
Data crunch: Scheme deficits have recovered by £100bn since the low point of the Covid-19 pandemic, while the Pension Protection Fund liabilities with schemes in assessment are down by more than £4bn, according to the PPF’s Purple Book 2021.
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NewsPPF updates guidance in light of Bauer, Hampshire judgements
On the go: The Pension Protection Fund has issued updated guidance accounting for the judgements in the Hampshire and Bauer cases and the disapplication of the PPF compensation cap, confirming that no further allowance needs to be made for their impacts.
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NewsGovernment considers overturning PPF’s Bauer ruling
The government is looking to remove the effects of the Bauer ruling, impacting the Pension Protection Fund, from UK law and will introduce primary legislation in the near future, according to a letter sent to various industry stakeholders.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsInflation and Covid uncertainty temper PPF performance
Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.
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NewsPPF pays out £1bn but fraud compensation claims raise concerns
The Pension Protection Fund paid out £1bn in member compensation in 2020-21, but there are concerns as potential claims with a value in excess of £358m against its Fraud Compensation Fund vastly exceed the money available to pay them, according to the PPF’s annual report.
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NewsPPF levy to fall by £105m in 2022-23
On the go: The Pension Protection Fund has announced that it expects to collect £415m from its levy payers in 2022-23, a reduction of £105m from the previous year.
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NewsDWP rules out appeal on PPF’s compensation cap ruling
On the go: The Pension Protection Fund will soon start making changes to its benefit structure, since the Department for Work and Pensions will not be appealing the Court of Appeal decision which ruled the compensation cap unlawful.
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NewsPPF grants levy payment window for schemes impacted by Covid-19
On the go: Defined benefit pension schemes impacted by the pandemic will be granted a 90-day payment window to pay their Pension Protection Fund 2021-22 levy bill.
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OpinionPPF statistics hint at a different future for DB schemes
As the health of UK defined benefit schemes improves, is the Pension Protection Fund still needed to solve a DB crisis, asks Broadstone’s technical director David Brooks.
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NewsPPF 7800 Index shows surplus and funding improvements
On the go: The PPF 7800 Index for June shows improvements in the surplus and funding positions (on a section 179 basis) for the more than 5,000 schemes potentially eligible for entry to the Pension Protection Fund.
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NewsPPF could receive DWP loan for Fraud Compensation Fund
On the go: A bill has been introduced to parliament that will enable the Pension Protection Fund to receive a loan from the Department for Work and Pensions in order to make fraud compensation payments.
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NewsTPR, PPF propose tiered approach in asset information reform
The Pensions Regulator and the Pension Protection Fund have issued a joint consultation into proposals to change the asset class information TPR collects via the scheme return.
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NewsHundreds of schemes to benefit as PPF updates actuarial assumptions
On the go: Almost 300 schemes could see their deficits transformed into surpluses after the Pension Protection Fund announced its decision to press ahead with changes to actuarial assumptions.
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TPR takes three suspects to court over multimillion-pound fraud
On the go: Three people appeared in court on Tuesday following an investigation by the Pensions Regulator into a multimillion-pound pension fraud.
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Schemes to pay maximum fraud compensation levy
On the go: The Pension Protection Fund has announced it will raise the fraud compensation levy to the maximum allowed by law as the number of claims rise.
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PPF reveals 23% ethnicity pay gap
On the go: The Pension Protection Fund has published its latest ‘Diversity pay gap report’, which reveals it has an ethnicity pay gap of 23 per cent.
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PPF 7800: Schemes in surplus for first time in two years
On the go: The position of the UK’s 5,318 defined benefit pension schemes moved into surplus for the first time in two years, with improvements in funding positions driven by increased bond yields, according to the PPF 7800 index for February.