PPF: Levies
The PPF is funded by a system of levies which are paid by all schemes eligible to enter the PPF (broadly, DB occupational pension schemes). The most significant is the pension protection levy. Pension Protection Levy The pension...
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The PPF is funded by a system of levies which are paid by all schemes eligible to enter the PPF (broadly, DB occupational pension schemes). The most significant is the pension protection levy. Pension Protection Levy The pension...
Background TPR is the UK’s regulator of work-based pension schemes. It has the following objectives: protect the benefits of members of work-based pension schemes; promote and improve understanding of the good administration of...
Under the PA04 trustees must ensure that arrangements are in place to provide for at least one-third member nominated trustees (MNTs) or, where there is a corporate trustee, one-third member-nominated directors (MNDs) and that those...
Since 6 April 2010, individuals have generally had to wait until their 55th birthday before taking benefits (instead of age 50 as previously), unless they have an earlier protected pension age (see below) or their retirement is on...
The purpose of the notifiable events regime is to assist TPR in reducing the risks of situations arising that may lead to calls on the PPF. When an event is notified to TPR, it is intended to serve as an early warning mechanism of...
The PIP is the period used to assess annual increases in the value of members’ benefits for testing against the annual allowance (AA). Increases are measured against the AA for the tax year in which the PIP ends and, to the extent...
Section 67 of the PA95 applies whenever a power to modify an occupational pension scheme is exercised to make a change (known as a “regulated modification”) which would or might adversely affect a member’s subsisting rights. ...
