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United Kingdom

UK pensions update: PPF proposes zero levy; TPR prioritises dashboard data and adds liquidity/leverage questions; PASA data guidance; SPP on DB surplus release and pre-1997 indexation; key dates

Published on: 20 November 2025

Published by a LexisNexis Pensions expert
Legal News
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Article summary

In this issue:

  • Pension Protection Fund
  • Scheme governance
  • Surplus
  • Pensions benefits
  • Dates for your diary
  • Trackers

Pension Protection Fund

PPF consults on 2026/27 levy proposing zero conventional levy and ACS changes

The Pension Protection Fund (PPF) has opened a consultation on its proposed approach to the 2026/27 PPF levy. Subject to the levy measures within the Pension Schemes Bill, it plans to set a zero levy for conventional schemes, while continuing to levy Alternative Covenant Schemes (ACSs), with refinements and a broader review of the ACS levy methodology to reflect market developments. The PPF believes its reserves and projected future growth are adequate to support a zero levy, but it will keep funding conditions under review and retains the ability to reintroduce a levy if required. Alongside the consultation, the PPF has issued draft proposed changes to the Determination, Transformation Appendix, ACS Appendix and the ACS Guidance. The consultation closes on 5 January 2026...

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