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Barnett Waddingham
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PPF publishes 2014/2015 levy determination

Published by Nick Griggs on

The Pension Protection Fund (PPF) has published the 2014/15 Levy Determination and confirmed that the levy estimate will be £695 million as originally proposed.
“The PPF has updated its guidance for putting in place contingent assets to support schemes planning to use guarantees as contingent assets.”

To raise this amount, the PPF also confirmed that it will maintain the levy scaling factor at 0.73 and that the scheme based levy multiplier will remain at 0.000056. The PPF has updated its guidance for putting in place contingent assets to support schemes planning to use guarantees as contingent assets. All other rules used to set the levy will remain unchanged.

The PPF also confirmed that, after careful consideration, it will use the new D&B scores that are produced and that it will not be making any changes to the Levy Rules because of this issue. This follows D&B’s announcement of a change in methodology for the calculation of failure scores from 2014.

PPF Levy Forum

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About the author

  • Nick Griggs

    Nick advises a range of UK businesses on DB pension issues including risk reduction exercises, scheme funding, pension benefit design and accounting disclosures. He also acts as Scheme Actuary to a number of clients.

    View Biography

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