The state-sponsored Pension Protection Fund (PPF) has estimated that total levies for the year ending 2013 will be £550 million, Financial Times reports. The figure is lower than the £600 million set for this fiscal year by the U.K. lifeboat fund. It will cut the levy on the healthy companies whose schemes it insures.
The lower levy is indicative of various factors, including a change to the formula used to calculate it, which is designed to hold the levy in place for three years, and a £400 million surplus held over from the last fiscal year. PPF is the safety net for the underfunded schemes of insolvent employers.
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