04 November 2009
Transport for London (TfL) is seeking the first judicial review
of the Pension Protection Fund (PPF) levy. In a move likely to be
keenly watched by other employers, TfL says that the levy imposed
(£9m covering the 2009 and 2010 financial years) is significantly
larger than justified by the risks it poses to the PPF and should
only be £252,000.
London Underground Managing Director Richard Parry said the levy
"threatens to divert millions of pounds of precious funding away
from London's critical transport projects".
