Our levy payer satisfaction is 96 per cent
Our levy payer satisfaction rate is 96 per cent, and we’ve seen fewer than 1.5 per cent of levy payers challenge the outcome of their insolvency risk score this year.
We continue to engage with a forum of small and medium sized employers so we can better understand the issues facing our levy payers. We also gather feedback from larger employers through our Industry Steering Group.
Improving our digital features
We’ve introduced several digital features to improve our customer service for schemes, including how-to guides and videos, downloadable score reports and multi-factor authentication.
We’ve also made it easier for levy payers to set up email alerts about changes to their score and/or levy band.
Time in assessment for overfunded schemes
In recent years, we’ve seen a trend of schemes entering assessment with enough assets to buy higher benefits for members than we would pay, which means they can secure a buyout with an insurance company.
Of the 23 cases that entered assessment this year, 10 were overfunded. Our aim is to help these schemes progress through the PPF assessment period as seamlessly as possible and ensure they secure the best possible outcome for members outside the PPF.
We work with a panel of buyout experts that can help schemes secure an insurance company buyout faster. In the last year we’ve continued working with our panel to standardise procedures, and reduce timeframes and costs.
We’ve embedded processes so that we can understand the funding level of a scheme as soon as possible, allowing the right advisors to be brought in at the right time. We expect this to shorten timeframes significantly. We’ve also held panel forums to help foster collaboration and to ensure consistent approaches between panellists. Several new efficiency innovations will be launching in 2023, resulting in better outcomes for members.
Continued Covid-19 easement plan
We continued to provide levy payers with the Covid-19 easement plan this year, although a minimal number of schemes took this up. We also implemented a cap of 25 per cent on increases to individual bills in the year 2022/23, reducing shocks that might otherwise emerge in the wake of Covid-19.