PPF Levy Consultation 2019/20: PLSA response
The consultation published by the Pension Protection Fund (PPF) in Autumn 2018 sought views on a number of proposals to amend its levy rules for 2019/20, the middle year of its third triennium.
The PLSA supports the PPF’s approach to not make any substantive changes to the rules during a triennium. It is also welcome that proposals have been made to streamline the process for block transfers.
Nonetheless, there are additional changes that should be considered, these include:
- more support for Small and Medium-sized Employers (SMEs) by having greater flexibility around levy payments
- parity of treatment between existing DB schemes and new commercial consolidators (“Superfunds”)
- the use of case-by-case methodology in levy determination for Superfunds.