Jurisdiction(s):
United Kingdom

PPF levy 2025/26 cut to £45m as DWP considers relaxing Pensions Act 2004 25% cap; reforms may enable zero levy; 99.7% of schemes to pay less.

Published on: 05 February 2025

Published by a LexisNexis Pensions expert

Legal News

Article summary

What was the background to the PPF's consultation on the 2025/26 levy rules?

The Pension Protection Fund (PPF) is financed through a levy charged to all defined benefit pension schemes. What each scheme pays depends partly on its size and partly on the likelihood of it entering the PPF, assessed by both the scheme’s funding position and the sponsoring employer’s insolvency risk. Every year, before the levy is applied, the PPF runs a consultation setting out proposals on the total levy it expects to collect and the approach for allocating charges to individual schemes. Although the core methodology typically remains broadly consistent year on year, the consultation details adjustments to key assumptions and identifies specific elements of the methodology that are being revised.

What was the outcome?

The consultation was conducted from 12 September to 23 October 2024, and the outcome was issued, a little later than first anticipated, on 30 January 2025...

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