PPF levy concessions announced
Following representations from the pensions industry, the Board of the Pension Protection Fund (PPF) has announced concessions to its proposed approach for assessing the risk-based levy. (The risk-based levy, which is relevant to all schemes potentially eligible for the PPF, will apply from financial year 2006/07). The PPF’s change in tack is set out in an update paper published on 14 October (final details on the structure of the PPF levy are scheduled for publication towards the end of November). The update takes account of three main themes emerging from responses to the PPF’s original consultation paper, published back in July 2005.