The Minister for Pensions(Mr. Ian McCartney): I am pleased to announce that there will be no increase in the General Levy rates for 2003–04. Rates will remain at the 2000–01 level as set out in the tables, due to buoyant levy receipts and good housekeeping.
I am also pleased to announce that although some payments have been made out of the pension compensation fund, it will not be necessary to raise a Compensation Levy in 2003–04.
The Government's Green Paper, "Simplicity, Security and Choice: Working and Saving for retirement", Cm 5677, published 17 December 2002, sets out plans for a new, risk-focused pensions regulator, which also provides support, advice and guidance to the pensions industry.
The General Levy rates for 2003–04 are as follows:
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Table 1—Occupational Pension Schemes Scheme Size (Number of Members) Basis Amount per Member Minimum payment per Scheme1 2 to 11 £12 Per scheme - - 12 to 99 Per Member £1.25 - 100 to 999 Per Member £0.90 £125 1,000 to 4999 Per Member £0.70 £900 5,000 to 9,999 Per member £0.53 £3,500 10,000 or more Per member £0.37 £5,300
Table 2—Personal Pension Schemes Scheme Size(Number of Members) Basis Amount per Member Minimum Payment per Scheme1 2 to 11 £5.20 Per scheme - - 12 to 99 Per Member £0.50 - 100 to 999 Per Member £0.35 £50 1,000 to 4,999 Per Member £0.30 £350 5,000 to 9.999 Per member £0.20 £1,500 10,000 or more Per member £0.15 £2,000 Note: 1. Minimum payments ensure that schemes in the lower bands do not pay more overall than those the higher bands