DWP consultation on pension schemes levy extended

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The Department for Work and Pensions has extended its consultation on the occupational and personal pensions schemes levy, which funds the Pensions Regulator, the Pensions Ombudsman and part of the activities of the Money and Pensions Service.

The DWP is seeking views on four different options to raise the levy rates from April 2020. The cumulative balance of the levy has moved from surplus to a deficit of over £16m in 2019, which is estimated to grow to over £50m by 2020.

The levy rates were last increased in 2008 to 2009. The rates were then reduced by 13% in 2012 to 2013 and have remained at the same level for most pension schemes since then, according to the DWP. 

The consultation now closes on 29 November 2019. Responses can be sent to generallevy.consultation@dwp.gov.uk.