United Kingdom | Publication | September 2023
On September 11, 2023, the PPF published its consultation on the 2024/25 levy rules. Owing to the PPF’s “very strong financial position”, the consultation reveals reduction of around 50 per cent from the 2023/24 year to £100m of the levy estimate in 2024/25.
The levy that the PPF aims to collect has been reduced by almost 85 per cent since 2020/21. The PPF’s intention is to maintain collection of an annual levy of around £100m in the longer term due to restrictions imposed by legislation to protect levy payers from sharp future increases. The consultation closes at 5pm on October 30, 2023.
Former pensions Secretary, Sir Steve Webb, has called for a change in the law to give the PPF greater flexibility. This would allow it to reduce the levy at a time when PPF funding is in healthy shape but with the reassurance that the levy could be raised if the situation deteriorated.
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