The Pensions and Lifetime Savings Association (PLSA) comments on the Department of Work and Pension’s response to the General Levy Consultation.
Craig Rimmer, Policy Lead for Master Trusts, PLSA said: “The Pensions and Lifetime Savings Association is deeply disappointed the Government has decided to apply, at short notice, a 10% increase to the General Levy pensions schemes pay to fund the sector’s arms-length supervisory bodies.
“However, we are pleased the Department for Work and Pensions has listened to the industry and decided to conduct a full structural review, which should result in a more efficient and more transparent application of the levy.
“One example of this inefficiency stems from a per member charging structure, which regressively hits schemes with millions of savers with the smallest pots the hardest.
“It is vital that DWP determines the principles of any new levy structure as a first step and the PLSA looks forward to gathering the expert views of the industry to inform the review.”
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