The UK’s defined benefit (DB) lifeboat fund has said it will take into account developments in relation to the COVID-19 outbreak when finalising its levy rules for the next levy year.
The Pension Protection Fund (PPF) plans to publish its draft levy rules this autumn, and to publish the final rules in December, it set out yesterday in a policy statement about its insolvency scoring methodology.
“We will monitor developments carefully and consider what, if any, changes to our rules are necessary in view of these exceptional circumstances,” wrote David Taylor, executive director and general counsel at the PPF.
The PFF has already introduced flexibilities in relation to the submission of documents for the 2020/21 levy year, he noted.
Although the PPF has not changed levy deadlines it has recognised that these may not be met because key individuals are unwell or in self-isolation. If levy payers submit contingent asset documents after the deadline they should explain why and PPF will “consider the circumstances and where it’s reasonable, we’ll accept them”.
Earlier this year PPF announced Dun & Bradstreet as its new insolvency risk partners and yesterday it said that insolvency risk scores calculated by them are set to go live from April. The methodology used in the live scoring will be broadly as consulted on, it added.
The insolvency risk scores will be used for levy invoices from 2021/2022.
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