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Pension Protection Fund

Work and Pensions written question – answered on 11th March 2009.

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Photo of Philip Davies Philip Davies Conservative, Shipley

To ask the Secretary of State for Work and Pensions what plans he has for the future funding of the Pension Protection Fund; and if he will make a statement.

Photo of Rosie Winterton Rosie Winterton Minister of State (Regional Affairs) (Yorkshire and the Humber), Minister of State (Department for Work and Pensions) (Pensions Reform) and Minister (Yorkshire and the Humber)

The funding of the Pension Protection Fund is a matter for the Board of the Pension Protection Fund, an independent statutory corporation. The PPF is funded through a pension protection levy that is charged to all eligible defined-benefit occupational pension schemes, assets from schemes that transfer in to the PPF and investment returns. The Board made a commitment in August 2007 to collect £675 million a year for the next three years, indexed to earnings, so long as there was no significant change in risk. The Board intends to collect £700 million in 2009-10, keeping to that commitment. A consultation on the future development of the pension protection levy for 2011-12 and beyond concluded on 13 February 2009 and the Board is currently considering the responses received.

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