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On 17 December 2012, the PPF published the final determination for the 2013/14 levy and associated documents. This comprises of the following:
The 2013/14 Levy Policy Statement
Levy Practice GuidanceGuidance on Bespoke Investment Risk CalculationGuidance on Contingent Assets Guidance on Block Transfers
The standard form contingent asset agreements to use for 2013/14 are the same as for last year, and are set out below:
Form of Type A contingent asset - group company guaranteeForm of Type B(i) contingent asset - security over cashForm of Type B(ii)EW contingent asset - security over real estate (England and Wales)Forrm of Type B(ii)S contingent asset - security over real estate (Scotland)Form of Type B(ii)NI contingent asset - security over real estate (Northern Ireland)Form of Type B(iii) contingent asset - security over securitiesForm of Type C(i) contingent asset - letter of credit/bank guarantee (evergreen)Form of Type C(ii) contingent asset - letter of credit/bank guarantee (reducing balance)
On 25 September 2012, the PPF published the consultation and draft determination for the 2013/14 levy. This comprises the following documents:
The 2013/14 Pension Protection Levy Consultation Document
1 November 2012 - Since the publication of our Consultation Document we have received updated advice from D&B concerning the correct UK Failure Scores that local Failure Scores in Switzerland (and Liechtenstein) should be converted to. We intend to include these revised conversion scores in our finalised Levy Rules for 2013/14. As best we can tell, only a handful of schemes are likely to be affected, but we are contacting all schemes with Swiss employers or guarantors (none in Liechtenstein have been identified) to ensure they are aware of the change and have an opportunity to comment. For more information, please view this document.
1 October 2012 - The Consultation Document and Contingent Asset Appendix have been updated to correct some inaccurate cross-references (at paragraph 3.4.8 of the Consultation Document and in a number of places in the Contingent Asset Guidance).