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PPF confirms plans to maintain zero levy for 2026/27

By Sophie Smith

17/11/25

The Pension Protection Fund (PPF) has launched a consultation on its plans for next year’s levy, confirming its intent to maintain a zero levy for UK conventional defined benefit (DB) schemes in 2026/27.

The PPF outlined plans for a flexible approach to align its decision-making with progress on the bill, which would allow it to use last year’s levy estimate and rules if the bill hasn't made sufficient progress to becoming law

The latest news in brief and mandates from the past seven days

This week in pensions: 10-14 November 2025

Pensions Age reviews the week’s major pensions developments, including mounting Budget speculation, renewed scrutiny of the upcoming state pension age increase, and significant consultation responses

Pre-Budget fears grow as Brits warn they’ll save less if salary sacrifice is capped

Calls for Chancellor, Rachel Reeves, to avoid making changes to salary sacrifice in her upcoming Budget have continued to grow, with industry research revealing that nearly two-fifths (38 per cent) of Brits will save less into their pension if salary sacrifice is capped

Targeted support could be ‘revolutionary’ but data privacy concerns persist

The Financial Conduct Authority (FCA) has hailed its forthcoming targeted support framework as a “revolutionary” step in helping pension savers make more informed decisions, although industry experts have cautioned that data privacy barriers could limit its reach

LPPI pool set to expand to nine partner funds as ‘key milestone’ reached

Nine Local Government Pension Scheme (LGPS) funds have formally indicated their intention to join the expanded Local Pensions Partnership Investments (LPPI) pool

Success of DB surplus reforms hinges on trustee expertise and ambition

Whilst the plans for defined benefit (DB) surplus release in the Pension Schemes Bill are "not without risks" and will not be suitable for every scheme, these risks can be mitigated to improve outcomes for all, the Society of Pension Professionals has said

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Highlighted Content

The de-risking landscape – an evolving world

Our panel of experts [see page 78] explore the exciting trends evolving in the dynamic pensions de-risking space today

Empowering boards to drive strategic projects with confidence

Aon strategic programme consultant, Dana Wiesner, and Aon associate partner, Michelle Burgess, explore how trustees can leverage strategic programme management to navigate today’s complex pensions environment.

Going private: The asset class gathering pace

As the Mansion House Compact and Accord take hold, UK pension schemes are stepping up allocations to private markets. Sandra Haurant reports

Podcast: From pension pot to flexible income for life

In our latest podcast, Pensions Age speaks to TPT Retirement Solutions DC director, Philip Smith, about its first-of-its-kind retirement income solution, built for tomorrow’s retirees

Rethinking the path to buyout with an insurer-led solution

A faster, cleaner path to buyout isn’t just possible, it’s essential. At Pensions UK last month, Just shared its perspective on why the industry must evolve and why insurers have the experience and skills to take the lead

A time of opportunity?

Our panel of experts explores the potential implications of the Pensions Investment Review on the future of the de-risking space and wider pensions environment

Latest Podcasts

Podcast: From pension pot to flexible income for life

Podcast: Who matters most in pensions?

In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Podcast: A look at asset-backed securities

Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

Keeping on track

In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

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Check out our latest appointments

Appointments update - 12 November 2025

TPT has appointed an independent trustee board for its run-on defined benefit (DB) superfund

Appointments update – 7 November 2025

Isio has announced the appointment of Gareth Roberts as chief financial officer

Appointments update – 3 November 2025

Barnett Waddingham has announced the appointment of Andrew Simpson as a partner in its actuarial consulting team

Appointments update - 30 October 2025

Pensions for Purpose has announced the appointment of four members to its advisory group

Appointments update - 27 October 2025

Pensions UK has appointed Sarah Sim as executive director of membership and commercial services

Check out our latest features

Swipe right for retirement: Can pension apps match modern expectations?

As consumer technology races ahead, pensions are still struggling to deliver digital experiences that feel intuitive, responsive and engaging. Callum Conway explores whether pension apps are finally closing the gap

Sizing up the social mobility challenge

Paige Perrin investigates why social mobility in the UK pensions industry remains limited, and how apprenticeships, DEI initiatives, and smarter recruitment could finally open the doors to a more diverse workforce, in the latest for Pensions Age’s special focus on DEI

Disclosures without the drama

As policymakers grapple with the future of pension sustainability reporting, UK Sustainable Investment and Finance Association (UKSIF) chief executive, James Alexander, sits down with Sophie Smith to call for smarter, more coherent disclosure rules that drive real-world outcomes, rather than red tape barriers

Going private: The asset class gathering pace

As the Mansion House Compact and Accord take hold, UK pension schemes are stepping up allocations to private markets. Sandra Haurant reports

Is this the real life? Is this just fantasy?

The challenge for the pensions industry to spot AI-generated ‘deepfakes’, and the role they may play in identity fraud

The sum of many small parts

As the number of self-employed continues to rise, what changes are required to better assist them in their retirement saving?

Coming of age

With the professional trustee market reportedly entering a new stage of maturity, Laura Blows

explores whether the sector is experiencing any growing pains

The future of covenant assessment

Employer Covenant Practitioners Association chair, Luke Hartley, explores the continued importance of the employer covenant throughout this period of great change

Putting the ‘me’ in member

Universities Superannuation Scheme (USS) pensions operations and services executive,

Stephen Worthington, explains how the UK’s largest private pension scheme has made member experience central to its operations

Cheap and cheerful?

The debate between cost and value has continued to persist, as whilst increased scale has allowed providers to negotiate better fees, not all are convinced that this is delivering the best value for savers

Closing the disability pensions gap

Many people with disabilities are unable to accumulate significant occupational or private pension savings, in part because of the difficulties to find work and the struggles they may face within the workplace. David Adams looks at what the pensions industry, employers and policymakers might do to help ensure more disabled people can enjoy a better income in retirement

Multi-employer CDC in practice – from drawing board to delivery

After years of planning, the first multi-employer CDC pension schemes could be launched as early as 2027, with regulators set to publish rules this autumn

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