New Pension Protection Levy Framework - NAPF Response
16 May 2011
Responding to the PPF announcement on the new levy formula, Joanne Segars, Chief Executive of the National Association of Pension Funds (NAPF), said:
“This is a step in the right direction. It establishes a clearer link between a scheme’s overall health and the amount of the levy it has to pay.
“The approach the PPF has adopted will provide greater certainty and predictability for schemes. And it is right that the levy should be reduced where a scheme takes positive steps to reduce its risk to the PPF.
“But we now need to study the details carefully. There is a concern about the costs of the new investment risk calculation for larger schemes. And some schemes with very good insolvency ratings will see their levies rise.
“The NAPF will be analysing the full details of the PPF’s finalised framework and will work closely with the PPF on its implementation.”
Notes to editors:
1) Joanne Segars, who was on the Steering Group on the Future of the Pension Protection Levy, is available for interview.
2) 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]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]