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).