According to the first edition of Pension Protection Fund (PPF) News, occupational pension schemes will start to receive invoices for their PPF levy for the 2006/7 tax year during September 2006. These invoices will be sent out directly from the PPF and will not be consolidated with other levies that are imposed on occupational pension schemes (such as the General Levy and the PPF Administration Levy) which will continue to be sent out by the Pensions Regulator.
Occupational pension schemes will receive with their invoice a leaflet about the PPF levy together with some detailed information about how their levy has been calculated. Schemes are being encouraged to pay their levy electronically into the PPF’s bank account as this is “the simplest, securest and the most effective method, helping to reduce administration costs”.