The Pension Protection Fund (PPF) may increase its levy to deal with a growing deficit, reports suggest.
After a number of high-profile firms collapsed over the past two months, including retail giant Woolworths, the PPF is facing a bill of around £500m. The rapid increase in funds brought into the Government's safety net means its total deficits are expected to hit £1bn. The PPF was already underfunded by £517m when it reported in October 2008. Levies have already risen to a total of £700m for 2009/10, but with large numbers of companies expected to fail during the recession levies are expected to rise sharply in future. Contact: John Bakie, 020 7484 9805, [email protected]...
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