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Pension protection fund to increase fraud compensation levy 2017/18

Due to claims the PPF expects to have to pay in the next few years the levy is being raised for the first time in five years.

In a press release the PPF confirms plans to raise Fraud Compensation Levy in 2017/18 for the first time in 5 years.

The PPF, which runs the Fraud Compensation Fund (FCF), has been notified of a number of possible claims which may come to the FCF in the next few years. Therefore, with forward planning in mind and to smooth the impact to schemes over time, the PPF is raising a levy of 25p per member – the same as in 2012/13. The levy is expected to raise around £5 million in total.

Please note that this document was prepared by a third party and as such Brewin Dolphin is not responsible for the content or able to answer queries on the topics dealt with. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change. Therefore you should not rely on this information without seeking professional advice from a qualified tax adviser, who should also be able to assist you with any questions on the content.

This document was prepared as a general guide only and does not constitute tax or legal advice.

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