The PPF revised compensation cap and levy ceiling for the 2014/15 financial year have now been set. The compensation cap will rise from its current level of £34,867.04, to £36,401.19 with effect from 1 April 2014.

This is an increase of 4.4 per cent, in line with the annual increase in earnings during the 2012/13 tax year. The 90 per cent level that applies for members of schemes entering the PPF who are below their scheme's normal pension age will therefore be £32,761.07.

The order also confirms that the overall PPF levy ceiling for 2014/15 will rise by 0.9 per cent from £933,556,533 to £941,958,542, in line with the increase in earnings for the year ending on 31 July 2013.