This week we have responded to the DWP’s consultation about the proposed changes to the general levy (The Occupational and Personal Pension Schemes (General Levy) Regulations review 2023 - GOV.UK (www.gov.uk)). Even though responses were invited primarily from scheme trustees and providers, we felt it important to respond, as we believe that this could significantly impact on our clients and our industry.
If the DWP’s preferred option for the general levy is adopted, this could mean that SSASs will each have to pay an extra £10,000 premium for the 2026/27 tax year, whereas it currently stands at £44. SSASs have been the pension vehicle of choice for owner/directors of small business for 50 years and should this proceed, the impact will be far reaching on individuals, UK small businesses, and the UK commercial property market.
There were many conversations on this topic at yesterday’s AMPS conference and AGM, and the overwhelming consensus was that this would be a perfect time to reinstate the requirement for an approved Pensioneer Trustee for all SSASs.
We are looking forward to seeing how this subject develops once the consultation period ends on 13 November.