We reported last October (here) on the Pension Protection Fund’s (PPF’s) proposals for the 2014-15 levy.
The PPF has now published the final Levy Determination, confirming that:
- the levy scaling factor will remain unchanged from 2013-14 at 0.73;
- the scheme based levy multiplier will also remain at last year’s level, being 0.000056 and
- the estimate of the total levies to be collected is £695 million.
Deadlines for submission of information
- Levies will be calculated using information submitted on the Exchange system by 5pm on 31 March 2014,
- Contingent assets must be certified or re-certified by 5pm on 31 March 2014 to be taken into account in the levy calculation.
- Deficit reduction contributions paid between the effective date of the last section 179 valuation and 31 March 2014 must be certified by 5pm on 30 April 2014.
- Any full block transfers made before 31 March 2014 must be certified by 5pm on 30 June 2014.
Dun & Bradstreet
Although Experian have been selected as the new insolvency risk provider from 2015, it will be Dun & Bradstreet (D&B) scores that will still count this year. The PPF has reported that D&B is introducing a new scoring methodology from the beginning of 2014 and supplying failure scores on the new basis. The PPF will not be making any changes to its calculations to reflect the D&B change, so the 12-month average score will include 9 months on the old basis and 3 months on the new basis.
You can find out your monthly D&B scores for use in the PPF levy and find out about the changes in methodology, free of charge, by contacting D&B on 0870 850 6209.