Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsPay & benefitsPensions

CBI sounds warning over out-of-control Pensions Protection Fund

by Mike Berry 9 Feb 2006
by Mike Berry 9 Feb 2006

Businesses cannot continue to absorb the escalating cost of the Pensions Protection Fund (PPF), the CBI has warned.


The government has revealed that the ceiling for the PPF levy in 2006-07 will be £775m – more than double the original £300m estimate.


John Cridland CBI deputy director-general, said: “Business saw that sum as a price worth paying to protect scheme members’ benefits, but the potential for an increase to £775m in the first year of operation would be wholly unacceptable to UK firms.


“Many now view the additional cost of the PPF as little more than a tax on their pension scheme, and fear that total annual costs could continue to spiral.”


The PPF was set up last year to provide a financial safety net for people in pension schemes that go bust.


Cridland questioned the logic of paying millions of pounds into a fund that most companies would never need.


Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

He said organisations could instead use that money to reduce their pension scheme deficits.


The CBI has called on the government to take action to reduce the cost of the PPF, and to publish estimates of future levy costs so that employers can manage their finances.

CBI
Mike Berry

previous post
Land Rover cuts 1,300 jobs in West Midlands
next post
One in four UK workers prefer performance-based pay

You may also like

Graduate jobs this summer ‘will be toughest since...

25 Jun 2025

Employers bemoan Gen Z’s lack of ‘work readiness’...

24 Jun 2025

HR underprepared for likely increase in M&A activity

24 Jun 2025

Supporting employees through substance abuse

24 Jun 2025

Amazon invests £40bn in UK creating thousands of...

24 Jun 2025

With HR absence rising, is your people team...

24 Jun 2025

Level 7 apprenticeship funding cuts to cost employers...

23 Jun 2025

Skills receive £1.2bn boost in new industrial strategy

23 Jun 2025

Low-paid could receive ‘Britannia’ dividend under Reform’s non-dom...

23 Jun 2025

Man who used company credit card for himself...

23 Jun 2025

  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+