Brightwell comments on the DWP’s announcement on the PPF levy
Today, the Department for Work and Pensions announced that it will consider giving the PPF more flexibility to reduce its levy. In turn, the PPF has announced that it has more than halved its levy estimate for 2025/26 to £45m. This is a significant reduction on the £100m estimate initially proposed.
In addition, it has included a new provision in its levy rules that would enable the PPF Board to calculate a zero levy if appropriate changes that would give the PPF greater flexibility in setting the levy are brought forward, and sufficiently progressed, in the course of 2025/26.
Commenting on the announcement, Morten Nilsson, CEO, Brightwell said: “Today’s announcements are a step in the right direction and will be welcomed by the industry.
“The existing regime is unreasonable and untenable. Reform of the PPF levy is imperative to reflect the improved funding of DB schemes and the substantial surplus within the PPF.
“I hope that the DWP acts with urgency to introduce legislation so that the PPF can calculate a zero levy.”
Published:
30 / 01 / 2025
