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Businesses will welcome PPF announcement

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Businesses will welcome the Pension Protection Fund (PPF) Board’s decision to take account of the wider economy in setting the levy estimate for 2013/4, in line with the CBI’s request, says John Cridland, CBI Director-General…

The Board has made the right decision. Limiting the rise in the levy estimate to 15%, rather than the 25% that had been anticipated, means that the PPF will plan to collect the same amount in 2013/14 as it ended up collecting this year, due to market movements. This move will relieve some of the financial pressure felt by many businesses with defined benefit schemes.

We acknowledge that this is a one-off move by the Board in light of the UK’s difficult economic position.
 

 

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