National Employment Savings Trust

House of Lords written question – answered on 15th November 2010.

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Photo of Lord German Lord German Liberal Democrat

To ask Her Majesty's Government whether the National Employment Savings Trust will be obliged to make contributions to the Pensions Regulator along the same lines as a commercial pensions provider; and, if not, what difference there will be.

Photo of Lord Freud Lord Freud The Parliamentary Under-Secretary of State for Work and Pensions

The occupational pension and personal pension general levy is intended to meet the running costs of the Pensions Regulator. It is a long-standing principle underlying the payment of the general levy that the cost of regulating such schemes should be borne by the schemes themselves. The general levy is therefore payable by all occupational pensions and personal pensions and this will include the National Employment Savings Trust which will be an occupational pension scheme. While the bulk of the general levy funds the Pensions Regulator, it also goes towards meeting the cost of services provided by the Pensions Advisory Service, and the Pensions Ombudsman.

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