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TPR still owed £54m in levies

The Pensions Regulator coll-ected only two-thirds of levies in the last tax year.

Its business plan for the next year shows that 29 per cent of firms did not pay their levies, amounting to £54m last year, and they will be chased up this year.

A spokesman says: “We had collected over 71 per cent of levies due during 2005/06 by March 31, 2006, leaving £54m to be collected in 2006/07.

“There are many different reasons why firms did not meet the date. For some, it has to do with being clear about calculations. But the amount of levies collected since the cut-off has risen.”

Firms must by law pay levies to TPR, which collects various levies on behalf of the Work and Pensions Secretary and the Pension Protection Fund. The estimated general levy due for this financial year is £31.6m and the estimated PPF admin levy is £13.1m.

The PPF may take over collection of pension protection levies for risk and scheme-based pensions from the TPR, which is expected to be £575m in 2006/07.

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