PPF extends valuation deadline in final proposals

In December, the PPF set out firm proposals for calculating the levy, including the recognition of contingent assets, but a five-week consultation has now led to some amendments around how the risk based part of the levy for 2006/07 will be calculated. The final proposals have made revisions to the documentation for contingent assets and have also relaxed the requirement for a section 179 actuarial valuation to be submitted within one year of its effective date. For the section 179 valuation, if trustees miss the one year deadline but still submit the results by 31 March 2006 and comply...