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.
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