The UK Pension Protection Fund (PPF), established by the 2004 Pensions Act to protect beneficiaries of defined benefit pension schemes when the sponsor becomes insolvent and the scheme is underfunded, is required to finance itself through a levy on participating schemes. In July 2005, the PPF issued a consultative document setting out its proposal for the structure of the levy. In this paper, we provide a critique of the proposal and, in particular, its heavy reliance on securing levy income from the weakest schemes. We propose an alternative structure for the levy that recognises the limits on capacity to pay and also mitigates some other undesirable features of the proposal.
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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.
Volume (Year): 26 (2005) Issue (Month): 4 (December) Pages: 471-489 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation