The Pension Protection Fund has issued the final version of its levy determination for 2008/09 and reminded schemes of the deadlines if they want to rely on valuations under section 179 of the Pensions Act 2004 to reduce their risk-based levy. Template certificates are available for online filing. The deadlines are:
- Section 179 valuation: by midnight on 31 March 2008
- Contingent asset certificates: also by midnight on 31 March 2008
- Deficit reduction and block transfer certificates by midnight on 7 April 2008. The PPF will regard a block transfer as material if it relates to assets worth at least £1.5m or five per cent of the scheme's asset value.
The final version of the levy determination requires schemes which submit section 179 valuations to ensure that their scheme return details filed online with the Pensions Regulator' are up to date. If there is an inconsistency, the existing details will be used.