Pension Protection Fund
The question
To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the adequacy of the Pension Protection Fund levy.
Answered by Torsten Bell
The Board of the Pension Protection Fund is responsible for setting the levy and consults on its levy rules annually. In view of the Pension Protection Fund’s strong financial position, the Board has announced that it expects to be able to significantly reduce the pension protection levy it charges in the coming years without risking its ability to pay its members’ compensation.
The Government has announced that it will consider giving the Board of the Pension Protection Fund greater flexibility to adjust the annual pension protection levy it collects from private sector occupational DB pension schemes, when it is not required. We will set out more detail in due course.
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