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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | October 2023
On October 2, 2023, the DWP launched a public consultation on the proposed changes to the structure and rates of the General Levy on registrable occupational and personal pension schemes.
The General Levy recovers funding provided by the DWP in respect of the activities of the Pensions Regulator, the Pensions Ombudsman and the pensions-related activities of the Money and Pensions Service. They all receive grant-in-aid from the DWP, which is reimbursed by levy income.
The levy is payable by the trustees of registrable occupational and personal pension schemes and is calculated according to the number of members.
The consultation draws attention to the ongoing deficit in levy funding and seeks views on options for mitigating this over the next three tax years from 2024 to 2025 through to 2026 to 2027. The DWP is seeking the industry’s views on the three options previously agreed by ministers, the options are:
Some commentators have noted that option three would unfairly penalise the very significant number of smaller schemes and could accelerate moves towards consolidation. The consultation runs until November 13, 2023, and responses must reach DWP by 11.55pm on that date, as any replies received after this may not be considered.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Publication
On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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