DWP disappoints with 'unfortunate' decision to hike general levy by 10%

Hope William-Smith
clock • 5 min read

The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue.

The DWP first published its consultation on the future of the levy in October last year - laying out four options to boost the funding after it was revealed the levy's cumulative surplus had fallen...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Regulation

Credit: HM Treasury

Chancellor scraps plans to remove 45% income tax rate for high earners

'Has become a distraction from our overriding mission'

Valeria Martinez
clock 03 October 2022 • 2 min read
Where to next? Looking to the future after ten years of auto-enrolment

Where to next? Looking to the future after ten years of auto-enrolment

Tomorrow marks one decade since the introduction of streamlined saving

Hope William-Smith
clock 30 September 2022 • 5 min read
Morley: "We can now start to actively take steps to bring down the levy without risking current and future members’ benefits"

PPF to cut levy to £200m and consults on simpler rules

Levy cut comes as lifeboat funds redefines funding objective as ‘maintaining resilience’

Jonathan Stapleton
clock 29 September 2022 • 3 min read
Trustpilot