The Occupational Pension Schemes (Levies) Regulations 2005

The reference day

5.—(1) The amount of each of the levies payable for a financial year (“the levy year”) in respect of a scheme is calculated by reference to the number of the scheme’s members on the reference day.

(2) In the case of a scheme established on or before 31st March 2005, for the levy years beginning on 1st April 2005 and 1st April 2006, the reference day is 31st March 2005.

(3) In the case of a scheme established on or after 1st April 2005, for the levy years beginning on 1st April 2005 and 1st April 2006, the reference day is the date on which the scheme becomes a registrable scheme.

(4) For a levy year beginning on or after 1st April 2007 the general rule is that the reference day for a scheme is the last day of the scheme year which ended before the beginning of the previous levy year.

(5) But if the scheme was established too late to have such a scheme year, the reference day is the date on which the scheme becomes a registrable scheme.

(6) In this regulation and regulation 6 “member”, in relation to a scheme, does not include a life member of the scheme, unless he–

(a) is a pensioner or pension credit member of the scheme, or

(b) would be a deferred member if he were not an active member.