2025/26 PPF levy invoicing on hold

We’re informing our levy payers that we’re putting the 2025/26 PPF levy invoicing on hold and expect to provide a further update this Autumn. The email going out to all levy payers from today, says:

In January we published our PPF levy rules for the current financial year. These rules are estimated to collect a levy of £45m (a 50 per cent reduction on the levy in 2024/25).

We also signalled moving to charge no conventional levy if appropriate legislative changes were brought forward, and sufficiently progressed, in the course of 2025/26. In anticipation of this, the levy rules include a provision for our Board to calculate a zero conventional levy if this happened.

The Pension Schemes Bill has since been introduced and includes provisions on the PPF levy. This is a significant and welcome development and we will monitor progress before making a final decision on the 2025/26 levy. The Bill is due to be debated in Parliament over the Autumn.

To enable this, mean scores will be published as normal in due course, but we are putting invoicing on hold until we’ve concluded our decision making. Doing so maintains the possibility of moving to a zero levy for conventional schemes for 2025/26.

We will keep you informed of progress and expect to provide a further update this Autumn.