7 days

7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

Order setting out PPF levy ceiling published

On 30 January 2024, an Order was made setting out the levy ceiling that will apply from 1 April 2024.

The levy ceiling is the maximum amount that the PPF can charge eligible DB schemes. The level it is set at is intended to be sufficient to allow the PPF to raise a levy that ensures the safe funding of the compensation it provides, while providing reassurance to schemes that the estimated levy will not be above a certain amount in any one year.

In practice, the PPF calculates how much it needs to raise by the levy each year, and this amount has always been less than the levy ceiling. The PPF has announced that for the 2024/25 financial year, it intends to collect an estimated £100 million (see our Alert), which is around 7.4% of the levy ceiling of £1,349,215,811 set by this year’s Order.

TPR publishes report on Capita cyber security incident

On 2 February 2024, TPR published a report which outlines how it worked with Capita to assess the risk to pension schemes and their members following a cyber security incident in 2023.

TPR considers that the report will be helpful for trustees as it sets out some lessons learned, as well as the steps they should take in the event of a cyber security incident.