Publication
Essential Corporate News – Week ending 23 May 2025
The Companies and Limited Liability Partnerships (Annotation) Regulations 2025 and an accompanying Explanatory Memorandum were published on 14 May 2025.
PPF confirms final 2025/26 levy determination to be published January 2025
United Kingdom | Publication | December 2024
The Pension Protection Fund has confirmed that it is delaying the finalisation of the 2025/26 levy determination until the end of January 2025 to provide greater flexibility in setting the levy amount.
In Autumn 2024, the PPF launched a consultation on the 2025/26 levy which proposed technical changes to allow it to maintain the levy at £100 million. The PPF has a very healthy surplus but to reduce the levy below this level (or to have a "zero levy") would require legislative change. In the consultation, the PPF stated that without the current legislative restrictions, the levy could be set at zero and only be re-introduced in the event of a significant change to its funding position.
The PPF is now working with the DWP on this issue, and the decision to finalise the 2025/26 determination is thus delayed. This pragmatic step has been generally welcomed as the extra time will hopefully allow the Government to commit to reforming the legislation and include the necessary changes in the upcoming Pension Schemes Bill.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Blog
Surplus to requirements? Why the Government wants more law on returning surplus
In this our latest blog on Mansion House reforms, we turn from DC to DB, and more specifically to those record surpluses that many schemes are now enjoying.
Publication
UK Pensions Briefing | Pensions Regulator publishes its first Annual Funding Statement under the new funding code
The Regulator’s annual funding statement for private sector DB schemes was published on April 29, 2025. It is the first such statement since the new DB funding regime came into force from September 22, 2024, onwards.
Subscribe and stay up to date with the latest legal news, information and events . . .