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ARTICLE · 31 JULY 2013

PPF Compensation Cap To Be Increased

Charles Russell Speechlys LLP
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In an apparently unrelated announcement, Steve Webb confirmed at the end of June that the PPF compensation cap would be amended to take account of long periods of pensionable service.

United KingdomEmployment and HR
Michael Jones
Michael Jones
Victoria Mance
Victoria Mance

In an apparently unrelated announcement, Steve Webb confirmed at the end of June that the PPF compensation cap (currently £34,867.04) would be amended to take account of long periods of pensionable service "as soon as Parliamentary time allows". He acknowledged that the current PPF compensation cap could have a disproportionate effect on those members with long periods of pensionable service.

The revised cap will be increased by 3% for every full year of service over 20 years, subject to a maximum of double the standard cap. The changes will not apply retrospectively. Anyone covered by the change who is in receipt of capped compensation will receive increased PPF compensation from the date the legislative changes come into force. Schemes which enter wind up, or commence a PPF assessment period, after the revised cap is introduced will be affected.

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