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The Actuary The magazine of the Institute & Faculty of Actuaries

Making the PPF levy fairer?

It has been announced that the Pension Protection Fund (PPF) will be establishing a group of senior business figures and others to help develop its proposals for the long-term future of its pension protection levy.

PPF chief executive Alan Rubenstein said: “We remain committed to developing a levy which is fairer to levy payers and which more accurately reflects the long-term risk that all levy-paying pension schemes pose to the PPF, no matter how large or small.”

Once this group has reached a conclusion, the PPF will publish revised proposals for consultation in early 2010. The PPF does not intend to implement any new proposals for the levy until 2012/13 at the earliest.

John Ball of Watson Wyatt said: “It is encouraging to see the PPF look at this again, but it still wants large employers to take a lot of the strain when it comes to clearing the PPF’s deficit and helping it build up a cushion for the future.”