PPF's consultation on 2022/23 levy strikes a positive note for levy payers

The PPF has today launched a consultation on levy rules for 2022/ 23.

With the PPF expecting eight out of ten schemes to see a reduction in next year's levy, BW's Lewys Curteis believes this is quite a change from last year.

Lewys Curteis said: “The PPF’s consultation on the 2022/23 levy strikes a positive note for levy payers, with the PPF expecting 8 out of 10 schemes to see a reduction in next year’s levy, and the overall levy collection expected to reduce by around £105m. 

“This is a marked change from this time last year, when the PPF was preparing schemes for potentially large levy increases as the pandemic put companies and schemes’ funding levels under significant strain. Fortunately, however, experience to date has been more positive than anticipated, and the impact of the pandemic on company insolvency risk has been relatively limited so far.

"While the PPF considers its funding position to be secure, it will continue to monitor its risk exposure as the full impact of the pandemic unfolds, and reserves the right to adjust the levy calculation in future years if required.”