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Pricing Pension Insurance: The Proposed Levy Structure for the Pension Protection Fund (2005)

McCarthy, David ; Neuberger, Anthony

Oxford, UK : Blackwell Science Ltd

Fiscal studies 26 (2005), S. 0

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ISSN: 1475-5890

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: The UK Pension Protection Fund (PPF), established by the 2004 Pensions Act to protect beneficiaries of defined benefit pension schemes when the sponsor becomes insolvent and the scheme is underfunded, is required to finance itself through a levy on participating schemes. In July 2005, the PPF issued a consultative document setting out its proposal for the structure of the levy. In this paper, we provide a critique of the proposal and, in particular, its heavy reliance on securing levy income from the weakest schemes. We propose an alternative structure for the levy that recognises the limits on capacity to pay and also mitigates some other undesirable features of the proposal.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1475-5890.2005.00020.x

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