§ Mr. McNultyTo ask the Secretary of State for Social Security if she will make a statement on the general and compensation levies payable under the Pension Schemes Act 1993 by occupational and personal pension schemes. [34452]
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§ Mr. DenhamRegulations to be laid in the near future will allow the development of more efficient administrative procedures for collection of the levies; that will reduce paperwork and be less burdensome for schemes, particularly small ones. The regulations will also simplify the calculation of levy liability, so that new schemes will have to pay only in their third year.
£ Occupational Pensions Personal Pensions Scheme size (members) Basis Amount per member Minimum payment Amount per member Minimum payment 2 to 11 Each scheme — 10.00 — 3.75 12 to 99 Member 1.10 — 0.35 — 100 to 999 Member 0.80 110 0.25 35 1,000 to 4,999 Member 0.65 800 0.20 250 5,000 to 9,999 Member 0.50 3,250 0.15 1,000 10,000+ Member 0.35 5,000 0.10 1,500