21 November 2011
The Department of Work and Pensions is consulting on a proposed amendment of the Occupational Pension Schemes (Levies) Regulations 2005.
This proposed amendment deals with the levy which is charged to schemes and used to pay the administration costs of the Pensions Ombudsman, the Pensions Advisory Service and parts of the Pensions Regulator. The levy is raised from schemes on a per-member basis and has not been reviewed in some time.
The likely effect of the amendment would be for a significant reduction in the general levy largely due to a big drop in the part going to the PPF : these administration costs are now being met from the PPF Fund itself.
The consultation period ends on 30th January 2012.