DWP rules out £10,000 general levy hit on smaller schemes

DWP told ‘thanks for listening’ after consultation

Jenna Brown
clock • 2 min read

Small self-administered schemes (SSAS) will not be hit with an additional £10,000 general levy bill after the Department for Work and Pensions (DWP) did not pursue the option outlined in a recent consultation.

Association of Member-Directed Pension Schemes (AMPS) previously said SSAS administrators and advisers were being kept in the dark due to a lack of clarity over the consultation timetable which had "real-world consequences with business owners pausing decisions on the setting up of a SSAS, impacting the SSAS administration sector's growth". However, today (4 March) the DWP issued its response to the general levy consultation which ruled out the £10,000 additional charge for smaller schemes. AMPS chair Andrew Phipps said the government had taken a "proportionate" approach. He said: ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

InvestAcc Group takes over £3.2bn book of business

Jenna Brown
clock 27 March 2025 • 1 min read
Spring Statement 25: 'As you were' following pensions exclusion

Spring Statement 25: 'As you were' following pensions exclusion

Pensions were notably lacking from today's Spring Statement

Holly Roach
clock 26 March 2025 • 4 min read
Majority of pension savers would use digital advice from providers

Majority of pension savers would use digital advice from providers

Some 73% of workplace pension savers want advice from providers

Jenna Brown
clock 24 March 2025 • 2 min read