Occupational Pension Schemes (Levy Ceiling) Order 2010 comes into force
Implementation date: 31 March 2010
The Order prescribes that the levy ceiling for the financial year beginning 1 April 2010, is £871,183,684. The board of the Pension Protection Fund is required to charge a levy to defined benefit occupational pension schemes, to fund the compensation it will pay to scheme members if their employer becomes insolvent and the scheme is underfunded by a certain amount. The levy ceiling increases in line with any increase in the general level of earnings for the 12 month period ending with 31 July 2009. The Order can be viewed on the OPSI website.