The Pension Protection Fund (PPF) has announced a 90-day interest-free extension to levy payments for employers struggling due to the Covid-19 economic crisis.
The lifeboat fund said schemes and sponsoring employers could apply for the extension upon receipt of the levy invoice by completing a Covid-19 notification form.
Those seeking an extension will need to explain how they have been negatively impacted by the pandemic, but also commit to paying the levy within 90 days, before interest can be waived.
Executive director and general counsel David Taylor said: "We recognise that these are challenging times for many and so are offering our levy payers longer to pay their levy bill if they've been affected by the current crisis.
"We hope this new measure, along with our existing levy payment plan option, will be able to help our levy payers where they have been affected by the pandemic."
The payment plan option operates on a sliding scale, with those choosing to pay the levy in instalments paying a different amount of interest depending on the timescale.
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