Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Contingent assets definition

What does Contingent assets mean? In practice, contingent assets are sponsor‑provided rights or security that do not sit in the trustees’ hands as scheme assets but become available to the pension scheme only if defined triggers occur, most commonly employer insolvency. They typically include parent or group guarantees, fixed or floating charges over property or other assets, cash held in escrow, and letters of credit or surety bonds, giving the trustees a contractual or proprietary claim when the trigger happens. “Contingent assets” is a descriptive term in pensions funding rather than a general statutory definition. For UK Pension Protection Fund (PPF) levy purposes,...

A practical guide to PPF-recognised contingent assets for levy relief: Type A/B/C requirements, certification, caps, documentation and case law (including 2026/27 updates)

Published by a LexisNexis Pensions expert

Practice notes

STOP PRESS :

On 18 March 2026, the Pension Protection Fund (PPF) released its levy policy statement and the definitive rules for 2026/27, together with scheme guidance explaining how to comply with the levy framework and how the PPF intends to exercise discretion where the rules allow. These documents implement the PPF’s earlier message: no PPF levy will be charged to conventional schemes in 2026/27, while the proportionate, risk-based Alternative Covenant Schemes (ACS) levy will be retained. Although the current ACS framework is broadly unchanged, the PPF has pledged to fast-track a review of the ACS levy methodology so it remains proportionate from 2027/28 onwards. In the interim, a small suite of targeted refinements is being introduced, as consulted on, alongside a minor addition to the ACS Guidance reflecting consultation feedback. The PPF also draws attention to the closure of its Insolvency risk portal from 1 April 2026 and advises schemes to download any data they may need for the future by 31 March 2026...

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Web page updated on 21/05/2026

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