PPF Announces 10 More Schemes along with New Framework for 2012/2013

PPF to introduce new Levy Framework

PPF to introduce new Levy Framework

The Pension Protection Fund (PPF) took on 10 more schemes in January, which has allowed nearly a further 3,000 people eligibility for compensation payments.

The move means that the following schemes have been transferred:

The Zortech Group Retirement Benefits Scheme, Thomson (Builders Merchants) Ltd Pension & Life Assurance Scheme (1978), Strand Lighting Pension Plan, Spooner Vicars Pension Scheme, Heveco Mushrooms Ltd Retirement Benefits Scheme, Ferrotech Supplementary Pension Scheme, Ferrotech Pension Scheme, The Emlyn Owen Engineers Limited Retirement Benefits Scheme, The Crabtree Pension Scheme, and Bse Genex Co Ltd Staff Insurance.

The PPF has also announced the new implementation of its new pension protection levy framework from 2012, in the aftermath of its latest consultation.

The move from PPF is in response to calls from within the industry for an early announcement on their intensions for schemes to be taken into consideration for providing information when meeting deadlines to calculate future levies.

Sara Protheroe, PPF’s co-director of strategy and policy stated;
“We were pleased with the response to the recent consultation on the new levy formula, which was broadly welcomed by most of our stakeholders. We are, therefore, happy to give an early indication of our direction of travel and provide schemes with clarity about the information they need to provide so we can calculate their levies correctly.

“Clearly, there are still details to be ironed out, including the need to publish draft guidance for those schemes carrying out their own assessment of investment risk. We will work with stakeholders on these issues and publish a detailed policy statement, including draft investment risk guidance, in the spring” stated Protheroe.

As a result of this expected move to a new framework, the new deadline for submitting scheme information for the 2012/13 year levy is now the 31st of March 2012.

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