Industry response

Changes to the Pension Protection Levy for 2017/18

We are pleased to learn that the PPF is considering introducing a scorecard specifically for the regulated financial services sector for the next triennium.  This is a step in the right direction for building societies, several of which have seen their annual levy bills rise considerably under the Experian model.  Half of all building societies have a defined benefit pension scheme.

As with the previous consultation, the PPF is proposing only very limited change in order to meet its goal of stability across the triennium.  But where there is clear evidence to support a change that will not cause significant volatility in levy bills or processes “then we make amendments as soon as we can”.  One such amendment we urge the PPF to make for this triennium concerns the mortgage age variable.

Click here to read the full response.