B&CE responds to the latest DWP Consultation on Occupational and Personal Pension Schemes

B&CE, provider of The People’s Pension has responded to the DWP’s latest consultation on occupational and personal pension schemes by welcoming the government’s latest proposals as a reasonable approach. We agree that schemes with more than 500,000 members are currently paying a disproportionate proportion of the costs of regulating the sector.

Here are the key responses to the consultation from B&CE, provider of the People’s Pension, to the DWP Consultation on the Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2017.

Do you support the proposed approach?

Yes, we agree that Option 3 is the most preferable of the three options on which the department is canvassing opinion.

Would you prefer the Government to take forward one of the other options noted in this consultation? If yes, which one and why?

No.

Would you like to propose any alternative options to those noted in this consultation which would eliminate the levy surplus? If so, please provide details.

Membership numbers used for the purposes of calculating the size of the levy could exclude small pots which generate less income than the cost of the levy. An efficient mechanism for consolidating small pots could, however, be a better of minimising this problem. A well—designed pension dashboard may be the best mechanism for achieving this outcome.

Do you have any comments on the content of the draft regulations?

No.

-ENDS-

For further information on this response, or the work of B&CE and The People’s Pension, please contact: 
Andy Tarrant, Head of Policy & Government Relations at
andytarrant@bandce.co.uk or 07515 121204.

About The People’s Pension

The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 2.4 million members and over 49,000 employer accounts.

Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.

We tweet as @peoplespension.