CBI Reiterates Concerns on PPF Levy
The CBI this week met with Chief Executive of the Pensions Protection Fund (PPF), Partha Dasgupta, to discuss continuing employer concerns around the cost of the PPF levy to business, which is now £675m.
The meeting took place ahead of the PPF's announcement earlier this week that the risk-based levy factor will increase by 22% on the indicative factor announced in the December 2006 consultation paper. The CBI stressed that a higher level of predictability about the cost of the levy from year to year should be ensured and an approach that will allow the levy to fall in the longer term should be developed. For many schemes, the unexpected rise in the risk-based factor will lead to a substantial and unexpected increase in the levy due in 2007/8.
24 May 2007
