It remains vital for those employers and trustees who wish to reduce the Pension Protection Fund (PPF) levy applicable to their defined benefit pension schemes to comply with key PPF deadlines. This year, these deadlines are as follows:
In respect of the 2010/11 levy:
- By 5pm on 31 March 2010: contingent asset certificates. Trustees must submit contingent asset certificates to the PPF (including hard copies) in order for these to be reflected in the 2010/11 levy.
Note that the PPF has updated its 2006 contingent asset guidance (featuring some minor changes from the original version) and has revised its standard-form documents, which continue to be available on the PPF's website. The new standard forms must be used for all new arrangements. Those who have entered into the old versions of the standard-form documents are unaffected by this change.
- By 5pm on 31 March 2010: block transfers. Trustees must have completed block transfers in order for these to be reflected in the 2010/11 levy.
- By 5pm on 31 March 2010: deficit reduction contributions. Also in respect of the 2010/11 levy, this is the deadline for employers to make deficit-reduction contributions.
- By 5pm on 9 April 2010: certification of deficit reduction contributions. This is the deadline for trustees to provide the PPF with certification of deficit-reduction contributions so that these can be reflected in the 2010/11 levy.
- By 5pm on 31 June 2010: block transfers. This is the deadline for trustees to provide the PPF with certification (and any hard copy documents) relating to full material block transfers that took place before 5pm on 31 March 2010.
In respect of the 2011/12 levy:
By 5pm on 31 March 2010: D&B failure scores and scheme data. Employers must provide information to Dun & Bradstreet to enable them to calculate failure scores for use in calculating the 2011/12 levy. This is also the deadline for scheme data to be updated via the Pension Regulator's Exchange system (again, to be reflected in the 2011/12 levy).