Pension Fund Cuts Levy By £130M In Further COVID Break

By Martin Croucher (December 17, 2021, 12:36 PM GMT) -- The pension savings lifeboat fund has cut by £130 million ($173 million) the amount it will charge retirement schemes in Britain next year via its annual levy, in a move to help businesses struggling under the pandemic.

The Pension Protection Fund said on Thursday that its levy on the 2022 to 2023 year would be £390 million, a cut compared with £520 million in the previous financial year, which runs from April to March. 

The reduction was lower than the £415 million rate that the fund had originally proposed and was announced after warnings over the impact on businesses of new government...

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