The PPF has issued the levy Determination for 2010/2011. Attached is the policy statement which has the full Determination appended as well as a new levy practice guide. The document does not include the new proposals on insolvency risk, these are still under consideration for 2011/2012.
The deadline for submitting basic information was 31 March 2009 and qualifying transfer information should have been submitted by 30 June 2009. There are a number of key deadlines still to come: click here to view
It is important to remember that existing contingent assets need to be recertified by 31 March 2010, as well as new contingent assets certified. Recertification should be fairly straightforward if there have been no changes (or no changes causing a material detriment to the scheme) but care must be taken if any changes to the asset have been made. The detailed guidance must be followed. The information should be filed electronically through “Exchange” and any hard copy documents delivered to the PPF by the deadline.
New rules apply to block transfers. If a full transfer (leaving fewer than two members) takes place before 1 April 2010, then the levy will be based on the post-transfer position, as long as full details of the transfer to the receiving scheme (being a PPF eligible scheme) are provided by 30 June 2010.
Click here for the PPF policy levy policy statement which has the full Determination appended as well as a new levy practice guide