UK - The government has announced there will be no change to the general levy rates paid by occupational and personal pension schemes in the year to April 2004.
In addition it announced that there would also be no increase to the compensation levy for the sixth year running.
The general levy is used to fund OPRA, while the compensation levy covers the cost of the Pensions Compensation Board – a body set up to compensate workers who have suffered pension scheme losses through dishonesty or fraud.
Pensions minister Ian McCartney said that the freezing of the levy was due to a high amount of receipts and good cost control.
These rates are expected to last until OPRA is replaced by a new regulator flagged up by last year’s Green Paper – and expected some time in 2004.
McCartney explained the regulator’s future role: “The government’s Green Paper sets out plans for a new, risk-focused pensions regulator, which provides support, advice and guidance to the pensions industry.”
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