Trustees of: Scheme 20408150 Address4216386_line1 Address4216386_line2 Address4216386_line3 Address4216386_line4 Address4216386_line5 CR0 6SR Invoice Number: 20408150-18-01 Invoice Date: 18/08/2017 PSR: 20408150 Terms: Immediate Pension Protection Levy Invoice for 2017/18 Period from 1 April 2017 to 31 March 2018 Amount Scheme-based Levy 648 Risk-based Levy 11,234 Total Levy 11,882 THIS INVOICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are not the person responsible for paying invoices on behalf of the above pension scheme, please pass it on to the correct person immediately. If you have a query on this invoice, please telephone or email using the appropriate contact details as explained on the last page, quoting Invoice Number and Scheme Name, within 28 days of the date of invoice, that is, by 15/09/2017. If you do not raise a query within this time frame, you may lose the right to do so. THIS INVOICE IS DUE FOR IMMEDIATE PAYMENT. AN INTEREST ON LATE PAYMENT CHARGE OF 5% PER ANNUM ABOVE THE BANK OF ENGLAND BASE RATE WILL START ACCRUING AFTER 28 DAYS IF YOUR INVOICE REMAINS UNPAID. Further information on your invoice, including the levy booklet can be found at: www.pensionprotectionfund.org.uk/levy/invoicing/pages/invoicing.aspx In order to ensure that payment is received safely and securely, please remit your payment by BACS/CHAPS/ Internet banking to: Bank Name: Bank of Scotland Sort Code: 12-20-29 Account Name: PPF Levy Collection Account Account No.: 06067843 IBAN: GB30 BOFS 1220 2906 0678 43 Swift/BIC: BOFS GB 21281 Please forward remittance advices to: creditcontrol@ppf.gsi.gov.uk If you are unable to pay electronically, please make cheques payable to: PPF Levy Collection Account quoting your Invoice number and forward to the PPF postal address at the top of this invoice. PSR: 20408150 Pg 1
Your Levy Invoice Explained The calculation of the scheme based levy and the risk based levy shown on this invoice is based on the following data and calculations in respect of the scheme. Please see the enclosed booklet A Guide to the Pension Protection Levy 2017/18 ( the levy booklet ) for further information on the calculation of the pension protection levy. The comprehensive rules for this calculation are set out in the Board s determination under Section 175(5) of the Pensions Act 2004 for the 2017/18 levy year (the Determination ) published on the PPF website. Information used in the Levy Calculation Pension Protection Fund Levy Parameters For the scheme-based Levy: SLM (Scheme based levy multiplier) 0.000021 For the risk-based Levy: LSF (Scaling factor) 0.65 K (Risk-based levy cap) 0.0075 Scheme Assets Scheme assets as at 31 March 2014 UA (smoothed assets for 2017/18 PPF levy year) 29,266,000.00 26,883,213.30 A (stressed and smoothed assets for 2017/18 PPF levy year) 24,651,928.66 Scheme Liabilities Liabilities on a section 179 basis as at 31 March 2014 UL (smoothed liabilities for 2017/18 PPF Levy year) 30,287,000.00 30,856,988.94 L (stressed and smoothed liabilities for 2017/18 PPF Levy year) 34,818,850.49 PSR: 20408150 Pg 2
Scheme Structure Scheme structure: Single employer scheme SSF (Scheme Structure Factor) = 1.0 Data in respect of the scheme s participating employer Participating employer Mean Score PPF Levy Band Levy Rate (LR) No of members (S) RegisteredName2255355 10093991239845300 0.2006% 5 0.0053 349 IR (single employer scheme PPF levy rate) = 0.005300 Deficit Reduction Contributions D (Deficit Reduction Contributions) = None Type A Contingent Assets Effective date: 8 October 2009 Maximum liability type: Realisable Recovery Realisable Recovery (A Realisable ): 11,000,000.00 Amount of U used by CA (H): 10,166,921.83 Data in respect of guarantor(s) required for Type A Contingent Asset calculation Participating Guarantor Mean Score Unadjusted Levy Band Increase in Gearing Adjusted Levy Band Levy Rate (LR) RegisteredName2316614 0.0172% 1 0.095622 1 0.0017 Deemed guarantor IR-score = 0.001700 PSR: 20408150 Pg 3
Summary data in respect of substituted scheme employer levy rates required for Type A Contingent Asset calculation Substitution category No. of Scheme employers No. of members Sum of weighted levy rates Employer levy rates substituted 1 349 0.593300 Employer levy rates not substituted 0 0 0.000000 Sum of members 349 Sum of Weighted levy rates 0.593300 Substituted IR-score (IR G ) = (sum of weighted levy rate / sum of members) = (0.593300 / 349) = 0.001700 PSR: 20408150 Pg 4
Calculation of your PPF Levy Calculation of the Scheme-based Levy Scheme-based Levy = UL x SLM = 30,856,988.94 x 0.000021 = 648 rounded to the nearest pound Underfunding calculation based on assets and liabilities U (Underfunding) = L - A - D = 34,818,850.49-24,651,928.66-0.00 = 10,166,921.83 Calculation of the Risk-based levy Risk-based Levy = ( 1 n (H n x IR G n ) + (U - 1 n H) x IR) x LSF = [( 10,166,921.83 x 0.001700) + ( 10,166,921.83-10,166,921.83) x 0.005300] x 0.65 = 11,234 rounded to the nearest pound PSR: 20408150 Pg 5
Pension Protection Levy Under section 175 of the Pensions Act 2004, the Board of the Pension Protection Fund (the Board) is required to raise a pension protection levy. This invoice is formal notification of the Board s decision of the amount of pension protection levy payable by the scheme referred to on the face of the invoice. Under section 181 of the Pensions Act 2004, the trustees of the scheme are required to pay this amount to the Board, and the Board intends that the invoice and the supporting documentation issued with it will enable levy payers to meet their statutory obligations to pay this invoice immediately. Querying this invoice Queries about participating employer or guarantor information contained in this invoice should be raised with our insolvency risk provider, Experian, within 28 days of the date of this invoice using the following contact details: Telephone : 08444 810810 E-mail Address : experianppf@mailgb.custhelp.com : FAO PPF Team Experian PPF LHN1 Lambert House Talbot Street Nottingham NG80 1LH Further information can be found at:- https://www.ppfscore.co.uk/ Queries about any other part of this invoice should be raised with the PPF s Levy Operations Team within 28 days from the date of this invoice using the following contact details: Telephone : 0345 600 2541 E-mail Address : levyinvoice@ppf.gsi.gov.uk : Pension Protection Fund Levy Operations Team Renaissance, 12 Dingwall Road Croydon, Surrey, CR0 2NA More detailed information about the data used to calculate this invoice and how to query it can be found in the booklet A guide to the Pension Protection Levy 2017/18 that accompanies this invoice and is available on our website. Updating your data Should your scheme s circumstances change, you should update the Pensions Regulator s Exchange system with any new information when this happens. This will save time when it comes to submitting the next scheme return. Levy collection policy If no query is raised with the Board within 28 days from the date of the invoice and payment is not received, the Board will begin debt collection activities. The Board will carry out these debt collection activities, in ways that are compliant with applicable legislation, and in ways that are consistent with its responsibilities to stakeholders. PSR: 20408150 Pg 6