Statutory Instruments
2025 No. 103
PENSIONS
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2025
Made
30th January 2025
Laid before Parliament
3rd February 2025
Coming into force in accordance with article 1(2) to (4)
The Secretary of State makes this Order in exercise of the powers conferred by sections 178(1) and (6) and 315(2) and (5) of the Pensions Act 2004( 1 ).
In accordance with section 178(5) of that Act, the Secretary of State has reviewed the general level of earnings obtaining in Great Britain during the period of 12 months ending with 31st July 2024, and it appears to the Secretary of State that the general level of earnings has increased during that period.
Citation, commencement and extent
1. —(1) This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2025.
(2) This article and articles 2 and 3 come into force on 14th March 2025.
(3) Article 4 comes into force on 31st March 2025.
(4) Article 5 comes into force on 1st April 2025.
(5) This Order extends to England and Wales and Scotland.
Interpretation
2. In this Order, “ the Act ” means the Pensions Act 2004.
The earnings percentage
3. For the purposes of section 178(3)(a) of the Act (the levy ceiling), the percentage by which it appears to the Secretary of State that the general level of earnings has increased during the review period( 2 ) is 4%.
The levy ceiling
4. For the purposes of section 177 of the Act (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2025 is £1,403,184,443.44.
Revocation
5.The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2024( 3 ) is revoked.
Signed by authority of the Secretary of State for Work and Pensions
Torsten Bell
Parliamentary Under Secretary of State
Department for Work and Pensions
30th January 2025
In accordance with section 178(4) of the Pensions Act 2004 and regulation 3 of S.I. 2006/2692 , the review period is the period from 1st August 2023 to 31st July 2024.