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ARTICLE · 01 NOVEMBER 2023

Pension Scheme With Under 10,000 Members? Fine!?

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After concluding that size matters when it comes to how pension schemes invest, the UK Government is threatening to fine schemes for being too small.

United KingdomEmployment and HR
Mark Dowsey
Mark Dowsey
David Robbins
David Robbins

After concluding that size matters when it comes to how pension schemes invest, the UK Government is threatening to fine schemes for being too small.

In a consultation paper published on 2 October, the Department for Work and Pensions set out three options for how general levy bills should be calculated between 2024/25 and 2027/27. The general levy part-finances functions carried out by the Pensions Regulator, the Pensions Ombudsman and the Money and Pensions Service.

  • Option 1 leaves current levy rates unchanged. That is to say, it preserves per member charges that are more than double 2020 levels for defined benefit (DB) schemes and around 50% above 2020 levels for non-Master Trust occupational defined contribution (DC) schemes.

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