The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) (No. 2) Order 2023

The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) (No. 2) Order 2023 was published on legislation.gov.uk, the official platform of the UK government for publicizing legal documents. The order sets out
1. the maximum levy the Board of the Pension Protection Fund may impose on in-scope pension schemes for the financial year 2023/2024 beginning April 1, 2023 for the protection of pension benefits accrued with the schemes which shall be £1,246,964,705 and
2. the percentage increase of average earnings in UK during the assessment period (August 1, 2021 through July 31, 2022) based upon which the new maximum is determined which is 5.8%.
The new order thereby repeals the
– The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2022 (SI 2022/88) accordingly to adopt the new levy figure for the upcoming fee (financial year) – the amount must be calibrated annually in order to ensure full protection in case of scheme resolutions – and the
– The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2023 (SI 2023/116) which simply contained numerous errors.