UK - The Pension Protection Fund levy should be limited beyond the current two-year time horizon, the National Association of Pension Funds said.
In his first speech as NAPF chairman Lindsay Tomlinson said: "We need to limit the PPF levy. That's been done for the next couple of years but it would really help if we had some clarity going forward."
He added: "I think the government will ultimately have to backstop the PPF. Government has got the PPF already - I think it is de-facto the backstop but it would help if they acknowledge it.
"They backstopped every other financial institution in this country in the last 12 months so why not the PPF."
Tomlinson said that once the government takes that step, a rational conversation about the levy and how the PPF would be funded in the future could take place.
He reiterated his calls for more flexibility for defined benefit plans in terms of retirement ages, conditional indexation, simplification and de-regulation.
More long dated indexed gilts should be issued, as Tomlinson noted, pension schemes are natural buyers of these kind of financial products.
On the defined contribution space, he said: "We need to help the project of personal accounts, but, at the same time, we have to help DC schemes in private workplaces. Our goal is to have personal accounts succeed but we want them to be a small part of the DC space. To this end, we need to improve the existing DC offering."
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