Pension Protection Fund under fire
The deputy director-general of the CBI, John Cridland, has criticised the Government over the cost of the Pension Protection Fund, which was yesterday allowed to more than double its £300 million levy for 2006-07.
A draft statutory instrument now states a £775 million cap. Mr Cridland said that many businesses saw the levy as “little more than a tax on their pension scheme” and feared that costs would continue to spiral. The potential levy rise was “wholly unacceptable”.