The Occupational and Personal Pension Schemes (General Levy) Regulations 2005

The general levy E+W+S

3.—(1) The trustees of each registrable occupational pension schemeF1 ... are liable to pay a levy to the Secretary of State for the purpose of meeting the expenditure referred to in section 175(1) of the 1993 Act, except for expenditure of the Regulatory Authority in connection with its functions in relation to schemes within paragraph (2).

(2) The trustees of each registrable personal pension scheme are liable to pay a levy to the Secretary of State for the purpose of meeting the expenditure referred to in section 175(1) of the 1993 Act, except for expenditure of the Regulatory Authority in connection with its functions in relation to schemes within paragraph (1).

(3) The general levy is payable in respect of each financial year.

(4) But no levy is payable under paragraph (1) or (2) in relation to a scheme in respect of the financial year beginning with 1st April 2005 if the scheme became a registrable scheme (within the meaning of regulation 1(2) of the Occupational and Personal Pension Schemes (Levy) Regulations 1997 M1 ) in the financial year beginning with 1st April 2004.

(5) The general levy payable in respect of the financial year in which the scheme in relation to which the levy is payable becomes registrable is reduced to the appropriate fraction of the amount that would be payable if the scheme were registrable for the whole of the financial year.

(6) In paragraph (5) “the appropriate fraction” means the fraction the numerator of which is the number of days in the financial year when the scheme is a registrable scheme, and the denominator of which is 365 or, if the financial year ends in a leap year, 366.

(7) Until the amendment made by section 239(3) of the 2004 Act (categories of pension schemes) takes effect—

(a) paragraph (1) applies as if after the words “occupational pension scheme” there were inserted the words “(other than one which is approved under section 591(2)(h) of the Income and Corporation Taxes Act 1988)”; and

(b) paragraph (2) applies as if after the words “personal pension scheme” there were inserted the words “and every occupational pension scheme approved under section 591(2)(h) of the Income and Corporation Taxes Act 1988”.

Textual Amendments

F1 Words in reg. 3(1) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 18(3); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 S.I. 1997/666.