Pensions Lifeboat Fund Extends COVID Levy Breaks

By Martin Croucher (September 1, 2021, 12:29 PM BST) -- The Pension Protection Fund said on Wednesday that it will remain flexible if businesses are late in paying an official levy, as financial distress caused by the COVID-19 pandemic continues.

The fund, which props up staff benefit plans if a sponsoring employer collapses, said it would allow 90 days leeway in the payment of its levy. The temporary measure is an etension of breaks offered last year to companies that have defined benefit pensions scheme, which are required to pay the annual charge.

David Taylor, a director at the fund, said he was aware of continuing "financial challenges" for those who pay the...

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