Following a recent consultation, the Pension Protection Fund (PPF) has confirmed its intention to implement a new PPF levy framework from the 2012/2013 levy season.
Whilst the details of the new framework are yet to be finalised and revealed in the spring, the PPF has responded to the industry’s call for an early announcement and confirmed that:
- The deadline for submitting scheme information for the 2012/2013 levy is 31 March 2012.
- There will be later deadlines for submitting deficit reduction certificates and block transfer information, again in 2012.
- Schemes must still provide up-to-date information by 31 March 2011 as the PPF will use it to set the levy scaling factor for the first three years under the new framework (this is used to calculate the scheme’s levy bills).
- If the PPF is to implement transitional protection, it will be based on employer insolvency scores as at 31 March 2011.