Government decides to proceed with option 2, a rise of 6.5% across all scheme categories
Lifeboat fund said 99% of DB schemes are expected to pay less levy as a result
Option 3 proposed imposing a £10,000 additional charge on smaller schemes
PP’s regular columnist says the regulatory budget needs halving not doubling
APPT says option 3 could be appropriate while ACA says it is ‘exceptionally harsh’
Society outlines worry over option to charge small schemes a ‘punitive’ £10,000 fee
DWP’s preferred option will hit smaller DC and DB schemes disproportionately
Move comes in bid to plug expected deficit of £205m and to fund increasing activity
The Department for Work and Pensions (DWP) has confirmed that it will increase the general levy pension rates from April 2021 in line with its preferred option.
The Pensions and Lifetime Savings Association (PLSA) has expressed it is disappointed with the Department for Work and Pensions’ (DWP) general levy consultation – saying there should be no increase in the levy without structural reform.