Atkin trustees, actuaries, consultants & administrators

Consultation on the third PPF Levy Triennium

Consultation on the third PPF Levy Triennium – 2018/19 to 2020/21:  We believe that there are issues with the scorecard ‘Group Full Accounts with turnover under £10m’, which includes a lot of small and medium sized employers, which have not been addressed. Whilst such employers may not make up a significant proportion of the total levy, the amount of the levy paid by each company can be significant to them.  In particular, we believe that mortgage age should be removed as an input and that some companies are included in this scorecard whilst not being, in any real sense, part of a Group and so are being penalised for the additional risks of being part of a Group without any of the upside.

Otherwise, we feel that the Experian modelling approach is not that effective for smaller companies and that it might be better to adopt a simpler approach based around industry specific modelling.

In respect of adding complexities/steps to the certification of Type A contingent assets, we believe that this is inappropriate for smaller schemes (where the costs would be relatively high) and would raise a note of caution of increasing any disincentive for employers to put these useful risk reduction tools in place.

We also believe that the investment risk adjustment might be updated to better reflect the developments in investment markets and the new funds that have become available.

For a full copy of our response, please contact us.

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I have just received our cheque.…and write to express our most sincere thanks to Chris Atkin and his staff for this amazing result! Please would you pass on our appreciation for his help and advice, and also the speedy result. I am now off to bank the cheque before anything happens! Brilliant!!!

Sue, Administration and Actuarial client