DWP proposes hiked general levy over three years; DB costs to more than double

James Phillips
clock • 4 min read
DB schemes face the brunt of the proposed increase
Image:

DB schemes face the brunt of the proposed increase

The Department for Work and Pensions (DWP) has launched a consultation on the future of the general levy, seeking to close a potential £230m funding gap if rates remain unchanged.

The government has set out three options for the future framework for the levy - which funds The Pensions Regulator (TPR), The Pensions Ombudsman (TPO), and the Money and Pensions Service (Maps) - noting...

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 Defined Contribution

Industry Voice: SI dilemmas — is 'E' or 'S' more important?

Industry Voice: SI dilemmas — is 'E' or 'S' more important?

Sustainable investing has become mainstream, but it’s not a perfect science, with many challenges that practitioners must face.

Robeco
clock 17 May 2022 • 2 min read
New research highlights consolidation could address key end game challenges for smaller DB schemes

New research highlights consolidation could address key end game challenges for smaller DB schemes

Stoneport
clock 21 February 2022 • 2 min read
Partner Insight: Can we learn DC pension lessons from Australia?

Partner Insight: Can we learn DC pension lessons from Australia?

Peter Rutter, Head of Equities, Royal London Asset Management, tells how Australia’s more mature DC market helped RLAM build solutions to meet today’s difficult environment

RLAM
clock 18 February 2022 • 2 min read
Trustpilot