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Levy Rates set for 2004/05
by Ian Neale 05/03/2004 Printer-friendly version of this page
The DWP has announced that for the fourth year running, there will be no changes to the rate of General Levy paid by occupational and personal pension schemes. The following rates, set from 1 April 2000, will therefore continue to apply for 2004/05:
| No. Active Scheme Members | OPS | PPS |
| 2 - 11 | £12.00 per scheme | £5.20 per scheme |
| 12 - 99 | £1.25 per member | £0.50 per member |
| 100 - 999 | greater of £0.90 per member and £125 | £0.35 / min £50 |
| 1,000 - 4,999 | greater of £0.70 per member and £900 | £0.30 / min £350 |
| 5,000 - 9,999 | greater of £0.53 per member and £3,500 | £0.20 / min £1,500 |
| 10,000 or more | greater of £0.37 per member and £5,300 | £0.15 / min £2,000 |
The levy is used to pay for the costs of the Occupational Pensions Regulatory Authority (Opra), the Pensions Ombudsman, the Pensions Advisory Service and the Pensions Scheme Registry.
Following an application made by the Pensions Compensation Board (PCB) in October 2003 for extra funding (to cover the substantial need created by the dishonest removal of assets from the Cheney Pension Scheme), the DWP also confirmed that the PCB would be raising a Compensation Levy for the first time since 1997. The levy will be set at its 1997 rate of 23p per member, and applies only to occupational pension schemes (exceptions: one-member schemes and death benefits-only schemes).
Both levies are paid together to the Registrar of Occupational and Personal Pension Schemes, which is part of Opra although operating from separate offices, in Newcastle upon Tyne. Trustees are liable for payment of the levies.
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