UK - The Pension Protection Fund (PPF) has extended the deadline for submitting information about section 179 valuations, allowing trustees who miss the one year deadline to submit by March 31, 2006.
The PPF board yesterday published its determination for the 2006/07 PPF levy and detailed the final refinements to the board’s proposals for calculating the risk based levy (RBL).
If trustees missed the one-year deadline as set out in regulations, but still submitted the section 179 valuation results by 31 March 2006, and complied fully with the relevant regulations and guidance in all other respects, the PPF confirmed it would use the valuations in respect of the 2006/07 levy.
The board also announced the parental severe risk override feature of the Dun & Bradstreet Failure Score methodology would be ignored for the 2006/07 RBL calculation.
Speaking about the final determination, PPF board chairman Lawrence Churchill encouraged pension schemes to take advantage of the powerful set of incentives announced in 2005: “Incentives that if taken up will help reduce risk in the system and lead to lower risk based levies being charged.”
Churchill also said schemes had until 7 April to inform the PPF of any special deficit repair contributions made since the scheme’s last valuation.
The Pensions Act 2004 requires the PPF board to publish a formal levy determination.
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