PPF compromises on levy to lessen burden on schemes
Under pressure from the UK pensions industry, the Pension Protection Fund (PPF) has slashed the sum it plans to levy from defined benefit pension schemes to protect members against sponsor insolvency. According to its final risk-based levy proposals, published last month, £575 million will be raised from schemes in 2006/07, but this is just over half the amount implied from the PPF's own analysis of its total exposure.
The PPF calculates its total expected liability by multiplying the total
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