PPF confirms levy extension for struggling schemes

The Pension Protection Fund (PPF) has confirmed that pension schemes and employers can continue to apply for a 90-day extension for the payment of their 2021/22 levy bill.

The lifeboat fund said schemes and employers that had been adversely impacted by Covid-19 will be able to apply for the payment extension within 28 days of receiving their levy invoice, with these extension claimants needing to complete an online form on the PPF’s website.

Under normal circumstances, pension schemes would have had 28 days in which to pay the levy, with an interest charge that is 5 per cent above the Bank of England base rate applied to those who miss the deadline.

The extension was initially announced in July 2020 in order to relieve pressure on businesses struggling with the impact of the pandemic.

The organisation added that schemes or sponsoring employers that needed more than 90 days could make an application under the existing repayment plan process.

PPF executive director and general counsel, David Taylor, commented: “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.”

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