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Type: Journal Articles Authors: David McCarthy and Anthony Neuberger ISSN: Print: 0143-5671 Online: 1475-5890
Published in: Fiscal Studies, Vol. 26, No. 4, December 2005
Volume, issue, pages: Vol. 26, No. 4, pp. 471489
JEL classification: G18, G23, G28
The UK Pension Protection Fund (PPF), established by the 2004 Pensions Act to protect beneficiaries of defined benefit pension schemes when the sponsor becomes insolvent and the scheme is underfunded, is required to finance itself through a levy on participating schemes. In July 2005, the PPF issued a consultative document setting out its proposal for the structure of the levy. In this paper, we provide a critique of the proposal and, in particular, its heavy reliance on securing levy income from the weakest schemes. We propose an alternative structure for the levy that recognises the limits on capacity to pay and also mitigates some other undesirable features of the proposal. Search |
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