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Pensions Regulator

Volume 458: debated on Wednesday 14 March 2007

The Minister of State for Work and Pensions (James Purnell): I am pleased to announce that there will be no increase in the General Levy rates for the Pensions Regulator for 2007-08. Rates will remain at the 2005-06 level as set out in the table below.

The General Levy meets the cost of the Pensions Regulator whose objective is to protect the benefits of members of occupational and private pension schemes; to reduce risks that lead to calls on the Pension Protection Fund and to promote and improve understanding of, the good administration of work based pension schemes. It also meets the cost of the Pensions Ombudsman and the Pensions Advisory Service which provide scheme members with help, advice and information.

General Levy rates for 2007-08

Number of Members

Occupational Pension Levy

Personal /Stakeholder Pension Levy

2-11

£24.00 per scheme

£10.40 per scheme

12-99

£2.50 per member

£1.00 per member

100-199

Max (£1.80 per member, £250)

Max (0.70 per member, £100)

1,000-4,999

Max (£1.40 per member, £1,800)

Max (0.60 per member, £700)

5,000-9,999

Max (£1.06 per member, £7,000)

Max (0.40 per member, £3,000)

10,000+

Max (0.74 per member, £10,600)

Max (0.30 per member, £4,000)