PPF issues new guidance on 2013–14 levy invoicing

The PPF updated its website with new information on the 2013–14 levy:

• the website confirms that the PPF intended to start issuing levy invoices for the 2013–14 levy year to schemes in September 2013;
• it contains updated annual guidance – A Guide to the Pension Protection Levy 2013–14 – which explains how the levy is calculated, how schemes can make payments and how schemes can query the invoice. It also contains a sample PPF levy invoice. See the article above entitled ‘PPF proposes consistency in rules for 2014–15 PPF levy but changes to contingent asset process’ for more information; and
• the website provides more detailed sample invoices (eg which take into account contingent assets and multi-employer schemes) as well as updated FAQs.

The PPF will use Dun & Bradstreet to score the insolvency risk of scheme employers for the 2013–14 and 2014–15 levy years, before Experian will take over this role. Guidance on the impact of this change is expected to be released in early 2014.