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CBI comments on changes to Pension Protection Fund levy

The CBI commented on changes to the Payment Protection Fund (PPF) levy for 2015/16. 

Jim Bligh, CBI Head of Pensions, said:

"The PPF has made some much-needed and important changes to the way it calculates the levy, particularly in allowing greater flexibility for asset-backed contributions. It is good news that the PPF will now collect less money overall from the business community because of its strong investment performance.

"But many businesses will pay considerably more in their levy based on significant changes to their credit scores, so to minimise the impact on investment, job creation and growth, the PPF must ensure these firms have sufficient time to adapt.

"Businesses are eager to see further changes to the model to ensure it is fair and accurately reflects their risk of insolvency, particularly for larger companies. That’s why we’re pleased the PPF has changed its original credit override proposals which would have unfairly represented their risk.

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