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PPF publishes 2023/24 levy determination and rules
United Kingdom | Publication | December 2022
On December 13, 2022, the PPF published its levy determination and rules for the 2023/24 financial year, following publication of the draft determination in September, together with proposals for the long-term development of the levy.
The accompanying policy statement confirms the levy estimate at £200 million for 2023/24, a significant reduction from the £390 million estimate for 2022/23. The statement also confirms that several technical changes to the PPF's levy methodology and processes will go ahead, including:
- Halving of the increments between the levy bands to reduce cliff-edges and volatility.
- Reducing the levy scaling factor by 23 per cent and the scheme-based levy multiplier by 10 per cent.
- Integrating into the levy the new asset class information the Regulator will be collecting in DB scheme returns from 2023 by updating the PPF's asset and liability stress factors. Minor amendments have been made to the transformations appendix and block transfers guidance and appendix in consequence.
As a result of these changes, the PPF estimates that 98 per cent of schemes should pay lower levies in 2023/24.
The submission deadline for schemes’ levy data to the PPF is March 31, 2023.
The submission deadline for schemes’ levy data to the PPF is March 31, 2023.
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