PPF confirms zero risk-based levy for 2025/26

The PPF has confirmed it will not charge DB schemes a “conventional” levy for 2025/26, saving affected schemes a collective bill of approximately £45m.

The Pension Schemes Bill, which is about to progress to the report stage and third reading in Parliament, includes provisions allowing the PPF to charge a zero levy without affecting its ability to reintroduce the levy at a later date if required.

The PPF is satisfied that the Bill has made sufficient progress to enable a firm decision to be taken regarding this year’s levy. The PPF fund recently marked its 20th anniversary and holds a “robust” surplus of £14bn.

The separate administration levy has not yet been abolished but Pensions Minster Torsten Bell has pledged to introduce a further amendment to the Bill to achieve this.