APPT says option 3 could be appropriate while ACA says it is ‘exceptionally harsh’
Society outlines worry over option to charge small schemes a ‘punitive’ £10,000 fee
DWP’s preferred option will hit smaller DC and DB schemes disproportionately
Move comes in bid to plug expected deficit of £205m and to fund increasing activity
The Department for Work and Pensions (DWP) has confirmed that it will increase the general levy pension rates from April 2021 in line with its preferred option.
The Pensions and Lifetime Savings Association (PLSA) has expressed it is disappointed with the Department for Work and Pensions’ (DWP) general levy consultation – saying there should be no increase in the levy without structural reform.
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 Department for Work and Pensions (DWP) has cancelled a planned rise to the general levy amid the ongoing Covid-19 outbreak.
A review of how the general levy is calculated must be undertaken by the Department for Work and Pensions, 70% of this week’s 90 Pensions Buzz respondents said.