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ARTICLE · 08 NOVEMBER 2023

The Pensions Brief

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The government is consulting on proposed changes to the structure and rates of the general levy on occupational and personal pension schemes in light of the ongoing deficit in levy funding. Three options are proposed:

United KingdomEmployment and HR
Jay Doraisamy
Jay Doraisamy
Katherine Carter
Katherine Carter
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Issues affecting all schemes

General levy – proposed reforms

The government is consulting on proposed changes to the structure and rates of the general levy on occupational and personal pension schemes in light of the ongoing deficit in levy funding. Three options are proposed:

  1. Continue with the current levy rates and levy structure – this would see the levy deficit continue to grow, requiring greater rises at a later date.
  2. Retain the current levy structure and increase rates by 6.5% per year – this would bring the cumulative deficit back into a compliant level by 2031.
  3. Increase rates by 4% per year and impose an additional premium rate for schemes with under 10,000 members from 2026 – this would allow for a lower initial increase across all schemes, while still paying off the deficit and supporting the consolidation of smaller schemes. This is the government's preferred option.

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