PPF consults on 2026/27 levy proposing zero conventional levy and ACS changes
The Pension Protection Fund (PPF) has launched a consultation on its proposed approach for the 2026/27 PPF levy. It proposes to set a zero levy for conventional schemes, dependent on the passage of the levy measures in the Pension Schemes Bill, and to continue charging a levy for Alternative Covenant Schemes (ACSs) with refinements and a wider review of the ACS levy methodology to reflect market developments. The PPF considers its reserves and expected future growth sufficient to support a zero levy but will continue to review funding conditions and retains the option to reinstate a levy if needed. Alongside this consultation, the PPF has also published the draft proposed changes to the Determination, Transformation Appendix, ACS Appendix and the ACS Guidance. The consultation closes on 5 January 2026.