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Pensions Update

Continuing our regular feature the Norton Rose Pensions Team brings us a pensions update
Pensions safety net levy rises by 50%
Company pension schemes will be asked to pay almost 50% more towards the costs of running the Pension Protection Fund (PPF) which provides protection for members of occupational pension schemes in the event the employer is unable to meet its liabilities. Figures in a consultation document drawn up by the Pensions Group part of the Department for Work and Pensions (DWP) show that the administration levy — that part of the contribution to the PPF that goes towards the fund's running costs — is set to rise by up to 48%.
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