This is the size of the surplus stored up by the Pension Protection Fund over the past year.
The PPF’s annual reports and accounts for 2012/2013, published on 29 October, revealed that a “record year” of claims was offset by £650m worth of levy collections and “excess” investment returns outstripping a growth in liabilities.
But this figure has not stopped the PPF from consulting with the industry on a proposed total levy increase of 10 per cent, to £695m, for members.
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The consultation closed on 24 October.
