Pensions: what's new this week - September 16, 2024

PPF levy consultation for 2025/26

The Pension Protection Fund has published its levy consultation documents for 2025/26, proposing a GBP100 million levy estimate and technical changes to its methodology. It predicts that 65% of schemes that pay the risk-based levy (RBL) will see a decrease in the amount of the RBL next year and only 5% will see an increase of more than 0.01% of liabilities.

Among the changes proposed are updates to the rules on incorporating deficit reduction contributions in levy calculations, making a simplified approach available to all schemes, and clarification on the treatment of buy-ins. The PPF will support schemes that have a full buy-in contract to make levy waiver applications – it highlights that an application should be made within 30 days of the levy invoice being issued (the PPF does not have discretion to extend this deadline). Partial buy-ins are not recognised in relation to the levy.

The consultation closes on 23 October 2024.

Read the consultation documents

TPR blog post on engagement with administrators

The Pensions Regulator has announced that it intends to extend its focus on engagement with administrators following a recent pilot initiative. Its engagement will focus on financial sustainability, risk and change management practices, cyber resilience and IT systems.

Read the blog post

Pension Wise goes digital

The Money and Pension Service has announced a new ‘Pension Wise Digital’ service to expand availability. Digital appointments will be available alongside the existing telephone and face-to-face appointment options. It includes a webchat function and access to pensions specialists, and can be used by anyone over 50 with DC pension savings.

Click here to access Pension Wise Digital

This week: Pensions Academy Online, 17 and 19 September 2024

Our next Pensions Academy Online webinars will take place on Tuesday 17 and Thursday 19 September 2024. Each webinar begins at 9.30am and will last approximately one hour. Join us for:

• Legal update – Tuesday, 17 September: we’ll round up all the latest developments and outline what’s coming in the new Pension Schemes Bill and wider pensions review, as well as highlighting some significant decisions from the Pensions Ombudsman and the Court of Appeal.
• Dilemmas for DB Trustees – Thursday, 19 September: in this session we will look at the challenges and choices on the agendas of DB trustee boards: asset allocation and changes to surplus rules; run-on or endgame; buy-in, buy-out or consolidate?

Click here to register