Financial Services Industry
Industry: Email Alert RSS FeedNews: PPF levies may spell the end of many underfunded schemes.
Pensions Week, July, 2005
Concerns are growing that the Pension Protection Fund (PPF) levies will force many underfunded retirement schemes to be wound-up.
Sponsoring employers on the verge of bankruptcy could find paying PPF levies too arduous to survive, experts warned.
Tim Keogh, worldwide partner at Mercer Human Resource Consulting, said: "A significant proportion will encounter bankruptcy on entry to the PPF. The levy could be a case of bad timing."
According to reports, the PPF is expected to categorise firms into 10 risk bands, with those in the highest paying greater premiums than companies with less underfunded pension schemes.
Keogh said reports that higher-risk firms will pay double premiums meant the PPF's provisions did not go far enough. "If...
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