£45 million saved for pension schemes thanks to Government reforms

Pension Protection Fund ( PPF ) will not charge a levy this year unlocking £45 million of savings for 5000 pension schemes

The savings can be used to boost the economy through investments or top up pension pots

This was made possible by the Government’s Pension Schemes Bill which is removing barriers to growth as part of our Plan for Change

Growth is at the heart of the Government’s Plan for Change and these significant savings could now be used for investments to boost the UK economy, or to strengthen the security of members benefits.

This decision is a direct result of the reforms set out in the Government’s Pension Schemes Bill, demonstrating how our plans to modernise the pension system are already delivering for the public and the UK economy.

Minister for Pensions, Torsten Bell