£45m ‘to be saved across 5,000 pension schemes following announcement’

The Pension Schemes Bill gives more flexibility to free up money in times of high surpluses, the Government said (Dominic Lipinski/PA) - (PA Archive)

A pensions lifeboat scheme has said it will not charge a levy this year to pension providers, saving £45 million across 5,000 defined benefit (DB) pension schemes.

The Pension Protection Fund (PPF) levy is a charge on eligible pension schemes that pays into a central reserve, which sits at a £14 billion surplus.