Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

This week we cover topics including: PPF levy ceiling order 2023/24; Date for your diary: virtual seminar – The end-game: options, strategy and tactics for defined benefit pension schemes.

PPF levy ceiling order 2023/24

The latest Pension Protection Fund (PPF) ceiling order has been laid before Parliament. It sets the maximum total amount of levy that the PPF can impose for the year from 1 April 2023 at GBP1,246,964,705. This is an increase of 5.8% on last year, reflecting the increase in the general level of earnings over the 12 months up to 31 July 2022.

Read the levy ceiling order.

Date for your diary: virtual seminar – The end-game: options, strategy and tactics for defined benefit pension schemes

We will be running a virtual seminar on defined benefit schemes’ end-games on 28 February 2023, 9am–10am.

Sponsors of private sector defined benefit pension schemes are continuing to look for end-game solutions, especially in light of ever increasing regulatory scrutiny. Buy-out, run on or consolidate – what are the pros and cons of the options available? How do you balance strengthened funding expectations against the risk of trapped surplus and secure good outcomes in a volatile world? Join us for a discussion of all these questions. The seminar qualifies for one CPD point.

See more details and register to attend.