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Volume 477: debated on Monday 16 June 2008

To ask the Secretary of State for Work and Pensions what representations he has received on the financial impact on participating companies of the Pension Protection Fund; and if he will make a statement. (210760)

I receive representations about the financial impact of the Pension Protection Fund on a routine basis.

The calculation of the pension protection levy is a matter for the board of the PPF under section 175 of the Pensions Act 2004, subject to the limits set by Parliament. PPF is currently seeking to collect £675 million for 2008-09 within a ceiling of £833,410,200. The board has decided that for 2008-09 no bill should exceed one per cent. of liabilities (a reduction from 1.25 per cent. for the previous year).