We pay benefits to over 400,000�PPF and FAS members who before joining us�faced very real challenges and uncertainty. So we aim to make their experience with us�the best it�can be.�We're dedicated to putting our members at the heart of everything we do. Find out what it means to be a member and what benefits our members receive.
Deficit reduction contributions are payments to the scheme that are additional to the regular ongoing funding contributions.� These payments may reduce your scheme-based levy, providing you have certified them correctly. Learn how to certify deficit reductions
It�s calculated on the likelihood of your scheme being unable to pay out pensions due to insufficient funding, insolvency and the potential size of the claim that would be passed on to us. The amount of risk-based levy (RBL) you pay will be based on your annual s179 valuation information, following adjustment. It takes account of scheme funding, insolvency and investment risks.� If your scheme doesn't have a deficit then you won't have to pay the RBL.
There are three types of contingent asset arrangements which - providing certain requirements are met - can reduce the amount of risk-based levy your scheme will pay.� Types of contingent assets Type A: Guarantees from a parent or group companyType B: Cash, UK real estate and securitiesType C: Letters of credit and bank guarantees
We�re here to help, so please check the information below and contact us if you have any questions. Levy payers Contingent asset documents� Our requirements for submitting contingent asset documents have changed.� Please don�t send us hard copies of documents. You should:
The policy should be considered alongside our Statement of Investment Principles (SIP), our Climate Change Policy and our overall RI framework and strategy�The SIP is the written statement governing our decisions about investments, and reflects the objectives and timeframes of our current and future beneficiaries and stakeholders.�
The following rules and guidance set out how we calculated the levy for the 2018/19 levy year. These were published following a consultation. The following rules and guidance�provide a detailed explanation of how we calculate the levy. The appendices and guidance documents include steps that schemes can take to ensure they receive credit for positive actions, such as certifying contingent assets or deficit reduction contributions.
Invoices for this levy year will be issued in autumn 2021. Find out more information about our insolvency risk partner D&B, and how you can shape our levy rules here.
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