Consultation launched to improve funding for pension bodies
Government plans to increase funding for pensions industry protection bodies via the General Levy have been announced today.
From:
16 December 2020
The Department for Work and Pensions has launched a consultation on proposals to change the structure of the levy – the annual charge paid by pension schemes - and raise rates for the next three years, from April 2021 onwards.
The levy helps fund three arm’s-length bodies sponsored by the DWP: The Pensions Regulator; The Pensions Ombudsman; and The Money and Pensions Service. It also funds part of the development costs for the pensions dashboard.