The Pension Protection Fund (PPF) will continue to support pension schemes and sponsors affected by the coronavirus pandemic by offering up to 90 days interest free to pay their levy bill, the £36.1bn (€40.5bn) lifeboat fund for UK defined benefit (DB) pension schemes said today.
As last year, schemes and sponsoring employers can apply for the payment extension within 28 days of receiving their levy notice.
To apply for an extension levy payers must complete an online form on the PPF’s website and explain how they continue to be affected by the pandemic.
David Taylor, executive director and general counsel at the PPF, said: “We know that there continue to be financial challenges for our levy payers, so we’re pleased to be able to continue to support any levy payers impacted by COVID-19 with a 90-day extension to pay their bill.
“We hope that offering this flexible payment option again will give our levy payers some breathing space to cope with their financial commitments in a difficult and changing environment.”
The PPF said that pension schemes or sponsoring employers who needed longer than 90 days could make an application under the existing repayment plan process.
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