The UK’s Pension Protection Fund (PPF) will not charge a conventional levy in 2025/26, reducing costs for defined benefit (DB) pension funds and their sponsoring employers by a total of £45m (€51.6m). The move reflects expectations that the government will grant the lifeboat fund greater flexibility over the levy through the Pension Schemes Bill, which is progressing through parliament. Earlier this year, the PPF set the levy at £45m but included a provision to recalculate it to zero if legislative change advanced sufficiently. The Bill, introduced in July, contains measures allowing the PPF to move to a zero levy while retaining the ability to reinstate it if needed. Recognising that progress, the PPF has acted now to provide clarity for DB schemes and sponsors, giving them time to adjust financial plans.