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Managed by the Pension Protection Fund


We're funded by a levy that all eligible UK defined contribution and defined benefit occupational pension schemes pay. 

Levy rates


We’ve set the 2023/24 levy at:

  • £0.65 per member for Master Trusts 
  • £1.80 per member for other eligible occupational pension schemes 

Previous levy rates 

In 2022/23 we set the rate at:

  • £0.65 per member for Master Trusts
  • £1.80 per member for other eligible occupational pension schemes 

In 2021/22 we set the rate at: 

  • £0.30 per member for master trusts  
  • £0.75 per member for eligible occupational pension schemes 

Paying the levy

The Pensions Regulator (TPR) collect the levy on our behalf, together with other fees and levies that all pension schemes must pay.

To learn more or to get help and support with payments, please visit The Pensions Regulator's website.

Why we charge a levy 

We charge a levy so that we can provide compensation for the current claims pipeline and compensate failed pension schemes for dishonesty.

In 2021, Parliament approved legislation to allow DWP to give us a loan to cover any shortfall that arises after we’ve collected the maximum levy available to us. We need to collect the maximum level of levy if we are to pay eligible claims without unnecessary delay and meet the Government’s repayment schedule for the loan.   

Although we're run by the Board of the Pension Protection Fund (PPF), PPF funds and levy are entirely separate from the FCF funds and levy.

We invest the collected levy

Read our Fraud Compensation Fund Statement of Investment Principles.