PPF Publishes Draft Levy Rules For 2024-25

The PPF consults on changes to levy rules for 2024-25 and proposed simplifications thereafter, including measures to ensure that risk-based levies continue to be shared across levy payers.

The Pension Protection Fund has today published its draft levy rules for the 2024-25 levy (to be invoiced in autumn 2024). Continuing the trend in recent years, the PPF expects to collect £100 million, half of that estimated for 2023-24, with almost all (99%) levy payers expected to see a levy reduction.

Given restrictions in legislation on the PPF's ability to increase the levy from one year to the next, the PPF states that it plans to remain "at or above £100 million in future years" – at least until such time as those legislative restrictions are amended. It also adds that "more substantial changes are likely to be necessary to maintain a levy of £100 million in future years", reflecting the expectation that the number of schemes that would otherwise pay a risk-based levy