Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pension Protection Fund definition

What does Pension Protection Fund mean? In UK pensions practice, the Pension Protection Fund (ppf) provides statutory compensation to members of eligible defined benefit and certain hybrid occupational pension schemes when the sponsoring employer suffers an insolvency event and the scheme cannot secure benefits above PPF levels. Established by the Pensions Act 2004 (with parallel legislation in Northern Ireland), the PPF pays “PPF compensation”—typically 100% for members over scheme normal pension age or on survivors’/ill‑health pensions at the assessment date, and otherwise 90% subject to a compensation cap and statutory revaluation/indexation—often lower than scheme benefits. Schemes enter a PPF assessment period following employer insolvency. If, on...

PPF levy regime: zero conventional levy, ongoing Alternative Covenant Schemes (ACS) charges, forthcoming legislative reforms and administration levy abolition; methodology, risk measurement, appeals and deadlines

Published by a LexisNexis Pensions expert

Practice notes

STOP PRESS :

On 18 March 2026, the pension protection fund (ppf) issued its levy policy statement and the final rules for 2026/27, together with guidance for pension schemes on meeting the levy rule requirements, and setting out how the PPF intends to operate in areas where the rules allow discretion. The accompanying guidance explains how schemes should demonstrate compliance with the levy requirements and clarifies the PPF’s expected approach wherever discretion applies. The PPF’s policy statement and final rules for 2026/27 implement its earlier announcement confirming that no PPF levy will be charged to conventional schemes for 2026/27, while a proportionate, risk-based Alternative Covenant Schemes (ACS) levy will be retained. The existing ACS framework is largely unchanged; however, the PPF has committed to accelerate its review of the ACS levy methodology to ensure it remains proportionate from 2027/28 onwards. Meanwhile, it has introduced a limited set of targeted refinements, as consulted upon, alongside a small addition to the ACS Guidance prompted by consultation feedback. The PPF further notes that its insolvency risk portal will close from 1 April 2026, and recommends that schemes download from the portal any information they may need in the future by 31 March 2026...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 28/05/2026

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