25 September 2012
The Pension Protection Fund has today announced that it estimates the pension protection levy for 2013/14 is expected to raise £630m. This is the same level as is now expected to be collected for 2012/13 (itself £80m higher than the first estimate produced in 2011).
The PPF notes that this increase is due to current elevated risk conditions, emphasising that credible funding is necessary to continue to provide security for beneficiaries and “the alternative … would strengthen the hand of those who argue for more radical measures to deal with risk such as the imposition of insurance style solvency requirements for pension schemes”.
Part of this announcement includes a consultation on the 2013/14 levy; full details on this can be found here.