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bringing together the provision of debt advice, money guidance and pensions guidance. It is understood that most if not all staff from these three bodies have transferred to the new body.
Note: "advice" is now appended only to debt; only "guidance" is to be provided on money and pensions.
"SFGB" is in effect a working title for the new body; its future name is to be determined by regulations made by
National Insurance Fund.
A scheme in deficit at that stage will be issued with a bill, to the scheme administrator's address. If HMRC does not receive payment, it will enforce liability in scheme for any Contributions Equivalent Premiums (CEP) that are still unpaid.
HMRC will require new authority from trustees to share financial data with third parties.
Also, HMRC has published guidance on
Following its levy estimate
earlier in the year, the Pension Protection Fund (PPF) has indeed confirmed
that it expects to collect a total levy of £500 million, down from the £550 million estimate for 2018/19.
It also confirms that for 2019/20 it will use the Levy Scaling Factor of 0.48; and the Scheme-based Levy Multiplier of 0.000021.
As the majority of respondents were
supportive, the levy rules will remain largely unchanged from the proposals set out in September's consultation.
The PPF has refined its proposed methodology for calculating a levy for commercial consolidators and established a workable rule for 2019/20. Most significantly, the PPF agrees that current risk reduction measures (Type B contingent assets and Asset Backed Contributions) won't support recognition of the buffer funds that are likely to be an