NAPF comments on PPF levy announcement
06 October 2014
The NAPF has commented today (Monday) on the Pension Protection Fund’s (PPF) response to its consultation on the PPF levy launched in May 2014.
Joanne Segars, Chief Executive, NAPF, commented:
"We are pleased that the PPF has now finalised its new model for assessing insolvency risk. We welcome the fact that the overall levy will be going down in 2015/16 (to £635m) and is projected to fall for the next two years − good news for all defined benefit (DB) schemes. We also support the move to the new PPF-specific model of assessing insolvency risk which will ensure that the levy properly reflects the risks posed by employers who sponsor DB schemes.
“Whilst we recognise that applying transitional relief is not a simple task, we would have liked to see the PPF providing some transitional support for the minority of schemes that will face significant increases to the levy.
“Ultimately the key to schemes receiving levy scores that accurately reflect the strength of their employers will be ensuring that Experian holds accurate data on these employers. Schemes should now check Experian’s online portal and ensure the data is there, and accurate."
Notes to editors:
The NAPF is the voice of workplace pensions in the UK. We speak for over 1,300 pension schemes that provide pensions for over 17 million people and have more than £900 billion of assets. We also have 400 members from businesses supporting the pensions sector.
We aim to help everyone get more out of their retirement savings. To do this we promote policies that add value for savers, challenge regulation where it adds more cost than benefit and spread best practice among our members.
Lucy Grubb, Head of Media and PR, NAPF, 020 7601 1726 or 07713 073023, [email protected]
Eleanor Bennett, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]