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.
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