NAPF welcomes fall in PPF levy for second year running
21 September 2011
The National Association of Pension Funds (NAPF) welcomed today's (Weds) announcement by the Pension Protection Fund (PPF) of its levy for the coming financial year.
Joanne Segars, NAPF Chief Executive, said:
"Pension managers and finance directors will be pleased to see the levy has come down for the second year in a row. This helps give some respite from the heavy financial pressures of running a DB (defined benefit) scheme, especially when the economy is so weak.
"The PPF’s reformed levy creates a closer link between a scheme’s risk and the levy it has to pay, and this is a step forward. The challenge for the PPF in the coming months will be to ensure that all DB schemes understand the new levy system, not least because there will be some losers as well as winners. We look forward to working with the PPF on that."
Notes to Editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683. [email protected]