PPF levy: conditions for 2017 confirmed

United KingdomScotland
12/01/2017
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This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

The PPF has published its levy determination for 2017-18. The levy rules are largely unchanged from last year. There are some minor adjustments for employers who have moved to new accounting standard FRS 102 (to avoid an artificial movement in their insolvency risk rating).

Key dates for providing information for the 2017-18 levy calculation are:

  • monthly Experian scores - between 30 April 2016 and 31 March 2017;
  • scheme returns submitted on Exchange - midnight, 31 March 2017;
  • contingent asset certificates submitted on Exchange (with hard copy documents as necessary to PPF) - midnight, 31 March 2017;
  • ABC certificate to be sent to PPF - midnight, 31 March 2017;
  • mortgage exclusion certificates and supporting evidence to be sent to Experian -midnight, 31 March 2017;
  • deficit-reduction contributions certificates to be submitted on Exchange - 5 p.m., 28 April 2017; and
  • Certification of full block transfers to be completed (generally on Exchange) - 5 p.m., 30 June 2017.

The levy determination is yet to be formally finalised. This is because the PPF is still considering including new rules recognising the risk profiles of schemes which no longer have a substantive employer. Other aspects of the levy, as published, will not be changed.

The PPF consults on major changes to the levy every three years. Consultation is due this spring and we may therefore see significant differences in the levy calculation for 2018-19 and subsequent years.

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