All PPF levy articles – Page 3
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News
PPF halves small scheme levy but warns of future rate hikes
On the go: The Pension Protection Fund has confirmed it will halve the levy for schemes with less than £20m in liabilities in order to “better reflect the risk posed by small schemes”, according to the final version of its 2021-22 levy rules.
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Debenhams’ schemes to remain in PPF despite Boohoo acquisition
On the go: Struggling high street retailer Debenhams has been brought out of administration by online ‘fast fashion’ outlet Boohoo, but the transaction is understood to leave its two pension schemes in the Pension Protection Fund.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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News
Arcadia trustees in talks with The Pension SuperFund
On the go: Trustees of the embattled Arcadia pension funds are in talks with The Pension SuperFund, which could result in the schemes being absorbed by the consolidator.
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Arcadia, Debenhams the first high street dominoes to fall
High street retailer Debenhams became the latest domino to fall following the collapse of Philip Green’s Arcadia Group on Monday, with the pension schemes of both now entering the Pension Protection Fund assessment period.
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News
PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
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News
PPF fraud fund can be used to compensate scam victims
The Pension Protection Fund will be allowed to pay compensation to the victims of some pension scams, after a High Court judge ruled its Fraud Compensation Fund would apply to schemes used for pension liberation.
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NewsPPF eyes deteriorating credit ratings among DB sponsors
Deteriorating defined benefit sponsor health has led to a three-fold increase in the level of liabilities belonging to schemes that could end up in the Pension Protection Fund over the next 18 months.
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News
PPF sets levy at £520m for 2021-22
On the go: The Pension Protection Fund has set its levy at £520m for 2021-22, which is £100m lower than the previous year.
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News
PPF levy expected to increase due to Covid-19 impact
As insolvencies ramp up and more defined benefit schemes are expected to end up at the Pension Protection Fund, the lifeboat might need to increase its levy to face a multibillion-pound hit, amid several other solutions, analysis from LCP shows.
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News
High Court to clarify if PPF can pay redress to scam victims
The High Court has been asked to clarify whether legislation that created the Fraud Compensation Fund, managed by the board of the Pension Protection Fund, could allow for compensation to victims of pension scams.
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News
PPF offers levy payment assistance for struggling sponsors
On the go: The Pension Protection Fund is waiving the interest charge on its levy payment plan to help schemes or sponsoring employers struggling due to the economic impact of coronavirus.
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NewsPPF cap is age discrimination, court rules
A High Court judge has ruled that a key feature of the Pension Protection Fund’s benefit structure is illegal on age discrimination grounds, leaving the defined benefit lifeboat liable for back payments to wealthier pension members.
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Return of the zombies: Can trustees ‘game’ PPF?
Defined benefit trustees linked to struggling employers face tough decisions about whether to tip their sponsors into insolvency or increase their burden on the Pension Protection Fund amid the onset of a global recession, in what experts have called a regulatory grey area.
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News
Protheroe: From employee 37 to PPF board member
Fifteen years after joining the Pension Protection Fund as employee number 37, Sara Protheroe has now been appointed to the lifeboat’s board.
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News
Professionals say regulation creating unnecessary costs
On the go: A survey of pensions professionals has uncovered concerns about the added cost burden placed on schemes by increasingly strict regulation.
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News
Large employers to face higher PPF levy in 2021
On the go: The Pension Protection Fund is proposing changes to its levy risk assessment model, which will result in increased charges for larger employers.
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News
PPF includes levy adjustment for GMP equalisation
The Pension Protection Fund will allow companies moving from a profit to a loss – due to the impact of guaranteed minimum pensions equalisation – to request an adjustment in their levy calculations.
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News
PPF increases levy estimate by 8%
On the go: The Pension Protection Fund has raised the levy it charges employers sponsoring defined benefit schemes, as worsening underfunding and declining gilt yields take their toll on the sector.
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News
PPF criticises industry's customer service after weathering tricky year
The Pension Protection Fund has revealed it is investing in technology to improve its customer service, as the lifeboat’s membership swelled in a year of record claims.