The deadlines are fast approaching for employers and trustees to ensure that they are paying the lowest pension protection levy for 2008/09 as possible. If not, they need to ensure that some (or all) of the following have been done by the relevant deadline:

  • Completed the Regulator's annual scheme return with as up to date information (including for most schemes the section 179 valuation) as possible by 31 March 2008. Information on the return as at 31 March 2008 will be used to set the pension protection levy for both 2008/09 and 2009/10.

As a disincentive to not providing an up to date section 179 valuation, the PPF will roll forward the latest minimum funding requirement valuation, but will reduce the value of the scheme's assets by 5% for each year between the effective date of the valuation and the calculation date.

  • Submitted contingent assets certificates (or re-certifications) by midnight on 31 March 2008 in respect of the 2008/09 levy year.
  • Submitted actuarial certificates of deficit-reduction contributions by midnight on 7 April in respect of the 2008/09 levy year.
  • Submitted block transfer certificates by midnight on 7 April 2008 in respect of the 2008/09 levy year. A certificate must be completed and submitted by both the transferring and receiving schemes.
  • Taken appropriate steps to improve the employer's Dun & Bradstreet failure score by 30 March 2008 in respect of the 2008/09 levy year.

It is important that employers and trustees take action now to ensure that the relevant deadlines are not missed.