Although the £14billion in Pension Protection Fund (PPF) reserves represents a significant opportunity, it also carries a responsibility to safeguard the PPF’s core mission. Striking the right balance between prudence and innovation will be critical as policymakers consider how the PPF can evolve from a “lifeboat” into a broader legacy institution for the UK pensions system. This paper explores how this could be achieved.
The SPP has worked closely with the PPF and a range of stakeholders to help ensure the Pension Schemes Bill introduced the necessary flexibility for the PPF to reduce its levy to zero, so we are naturally pleased this is happening.
Whilst this consultation response highlights our support for a reduced levy, we have also taken the opportunity to highlight a number of issues to help improve administrative aspects of the regime.
Tags: DB Schemes, levy, pension, Pension Protection Fund, Pensions, PPF,