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UK Pension Protection Fund reduces levy by 10%

The U.K.'s Pension Protection Fund has reduced the levy it will require pension funds to pay for the 2018-2019 period.

The fund — which acts as a backstop for private pension schemes — revised the levy estimate downward by a little over 10% to about £550 million, from £650 million for 2017 to 2018.

The levy scaling factor and the scheme-based levy multiplier will be 0.48 and 0.000021, respectively.