The PPF levy is an important consideration for pension schemes, therefore we have welcome the PPF’s efforts to assess and improve on the results of the changes made in the last triennium. Many of the changes recommended for the 2018/2021 triennium seem to meet the PPF’s stated intention of only making changes where there is a compelling case to do so. However, we are concerned that, in aggregate, the proposals mark a significant departure from the existing system and there is a risk that a multi-tiered system emerges. At this time, it is difficult to fully assess the impact of that risk, and what it would do for individual schemes and across the scorecards.