We expect to start issuing 2016/17 pension protection levy invoices to schemes in September 2016.
Your levy invoice explained
Included with your invoice will be detailed supporting information to help you understand how the risk-based and scheme-based levies making up your invoice have been calculated.
This will include an accompanying booklet A Guide to the Pension Protection Levy 2016/17, which will include background information about the 2016/17 levy as well as general information about how to pay or query your invoice.
1. Single employer scheme
2. Scheme with Type B contingent asset
3. Confirmed Last Man Standing scheme
4. Scheme with Type A contingent asset
5. Scheme with bespoke calculation
6. Centralised scheme where the Poor Data Methodology has been applied
7. Scheme with an Asset Backed Contribution
8. Unconfirmed Last Man Standing scheme
Paying your invoice
Please pay by BACS, CHAPS or internet banking, quoting your scheme name and invoice number. These are the simplest, most secure and effective method, helping to reduce administration costs.
Full payment instructions, including our bank details, will be provided on the invoice and in the levy guide booklet.
Interest on late payments
An interest on late payment charge of 5 per cent per annum above the Bank of England base rate will start accruing after 28 days of the invoice date if your levy invoice remains unpaid.
Interest will accrue on the scheme's levies if they remain unpaid during the PPF review or Experian appeals process. Schemes are therefore encouraged to pay levy invoices that are subject to a PPF review or Experian appeal as payment of the levies is a statutory obligation of the trustees (s181 of the Pensions Act 2004)
If you have questions
If you have any questions about your invoice, you should first look at the levy guide booklet.
If you still have questions, then you should contact the PPF and/or Experian’s Customer Services Team, depending on the nature of your query, within 28 days of the date of your invoice. The last date on which you can raise a query will be shown on the front of the invoice.