Department of Work and Pensions : consultation on Amendment of Occupational Pension Schemes (Levies) Regulations

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…

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Pension Protection Fund : Announces £550m Levy Estimate, Consults on 3 Year Levy Rules

21 September 2011 The Pension Protection Fund has announced that their estimate of total industry levy for 2012/13 is £550m : the lowest levy that the PPF has ever set (by way of comparison, the 2011/12 levy was £600m). Importantly, the PPF has also announced a consultation on proposed new rules to govern the levy framework going forwards. The consultation period expires at 5pm on 2 November 2011 and links to the consultation documents and the news release are provided below. We will be reviewing these and providing our full views on the documents. The adoption of an investment risk…

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