The Pension Protection Fund is proposing to make six changes to its levy rules in relation to the PPF-specific model. Here are the proposed changes in full…
- For mortgage exclusions the PPF is proposing that only immaterial mortgages will need to be re-certified. The benefit of other existing certificates will be carried over for 2016/17 scores. The PPF says this will remove a recertification burden for several hundred employers, with the PPF instead checking certifications are still valid.
- The rule on refinance mortgages will make clear that a restatement/confirmation of an existing charge is not a new charge and can be certified for exclusion.
- The PPF proposes to clarify the rule setting out how companies evidence the connection between original and refinance mortgages.
- The PPF is inviting feedback on a possible limited extension of the regime for exclusion of mortgages to cover charges over accounts.
- For accounts not published in sterling the PPF is proposing to change its convention on exchange rates, to use the rate in force at the most recent accounts date, including for trend variables.
- Companies that provide Experian with full accounts, though they file abbreviated accounts with Companies House, will be able to provide preceding years' full accounts for trend variable calculations.
Further reading:
Read the PPF's consultation document and draft determination here
