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Section 179 Valuation CertificateSchemes are reminded that there is a statutory requirement to submit an initial s179 valuation by 31 March 2008 or within 15 months of the effective valuation date, whichever is earlier, for schemes registered prior to 6 April 2007. Schemes which fail to submit an s179 valuation by 31 March 2008 will have a disincentive applied to their levy. Please note that the Pensions Regulator is now collecting section 179 valuation information on behalf of the Pension Protection Fund. For that valuation to be taken into account for the 2008/09 levy calculation, you will need to submit it as part of your next Scheme Return. If you require further information, please contact the Pensions Regulator at customersupport@thepensionsregulator.gov.uk or on 0870 6063636 or visit the Pension Regulator's online scheme return service. If your deadline for submission falls before you are able to submit your annual Scheme Return to the Pensions Regulator, you may still submit a section 179 valuation certificate to the PPF via schemeInfo@ppf.gsi.gov.uk. Further FAQs on submitting your s179 valuation are available on the s179 valuations FAQs page To calculate the risk based element of the pension protection levy, the Board of the Pension Protection Fund Board must take account of scheme funding risk. To measure scheme funding on a consistent basis, schemes are required to complete a Pension Protection Fund (section 179) valuation. A section 179 valuation broadly approximates the cost of buying out Pension Protection Fund liabilities from an insurance company. Current Section 179 Valuation Certificate If you are having difficulties downloading the certificate, please ensure you have refreshed your browser (CTRL + F5) and have Adobe Reader version 7 or later. GuidanceGuidance for completing a Section 179 Valuation The hyperlinks above access guidance notes which support the completion of the Section 179 Valuation Certificate. |
