The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2024

Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 2005

2.—(1) The Schedule to the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (amount of the general levy)(1) is amended as follows.

(2) For paragraph 2 substitute—

“2.   This table relates to defined benefits schemes and hybrid schemes(2) for the financial year beginning with 1st April 2024—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£68
12 to 99	£6.75 multiplied by M	Not applicable
100 to 999	£4.88 multiplied by M	£669
1,000 to 4,999	£3.79 multiplied by M	£4,876
5,000 to 9,999	£2.89 multiplied by M	£18,947
10,000 to 499,999	£2.01 multiplied by M	£28,898
500,000 or more	£1.52 multiplied by M	£1,004,998.”.

(3) For paragraph 3 substitute—

“3.   This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2025—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£73
12 to 99	£7.19 multiplied by M	Not applicable
100 to 999	£5.19 multiplied by M	£712
1,000 to 4,999	£4.04 multiplied by M	£5,185
5,000 to 9,999	£3.07 multiplied by M	£20,196
10,000 to 499,999	£2.14 multiplied by M	£30,697
500,000 or more	£1.62 multiplied by M	£1,069,998.”.

(4) For paragraph 4 substitute—

“4.   This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2026—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£77
12 to 99	£7.66 multiplied by M	Not applicable
100 to 999	£5.53 multiplied by M	£759
1,000 to 4,999	£4.30 multiplied by M	£5,525
5,000 to 9,999	£3.27 multiplied by M	£21,496
10,000 to 499,999	£2.28 multiplied by M	£32,697
500,000 or more	£1.73 multiplied by M	£1,139,998.”.

(5) For paragraph 5 substitute—

“5.   This table relates to money purchase schemes(3) for the financial year beginning with 1st April 2024—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£47
12 to 99	£4.60 multiplied by M	Not applicable
100 to 999	£3.32 multiplied by M	£456
1,000 to 4,999	£2.59 multiplied by M	£3,317
5,000 to 9,999	£1.97 multiplied by M	£12,948
10,000 to 499,999	£1.37 multiplied by M	£19,699
500,000 or more	£1.04 multiplied by M	£684,999.”.

(6) For paragraph 6 substitute—

“6.   This table relates to money purchase schemes for the financial year beginning with 1st April 2025—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£50
12 to 99	£4.90 multiplied by M	Not applicable
100 to 999	£3.54 multiplied by M	£486
1,000 to 4,999	£2.76 multiplied by M	£3,537
5,000 to 9,999	£2.10 multiplied by M	£13,798
10,000 to 499,999	£1.46 multiplied by M	£20,998
500,000 or more	£1.11 multiplied by M	£729,999.”.

(7) For paragraph 7 substitute—

“7.   This table relates to money purchase schemes for the financial year beginning with 1st April 2026—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£53
12 to 99	£5.22 multiplied by M	Not applicable
100 to 999	£3.77 multiplied by M	£517
1,000 to 4,999	£2.94 multiplied by M	£3,767
5,000 to 9,999	£2.23 multiplied by M	£14,698
10,000 to 499,999	£1.56 multiplied by M	£22,298
500,000 or more	£1.18 multiplied by M	£779,999.”.

(8) For paragraph 8 substitute—

“8.   This table relates to Master Trust schemes(4) for the financial year beginning with 1st April 2024—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£34
12 to 99	£3.34 multiplied by M	Not applicable
100 to 999	£2.42 multiplied by M	£331
1,000 to 4,999	£1.89 multiplied by M	£2,418
5,000 to 9,999	£1.43 multiplied by M	£9,449
10,000 to 499,999	£1.00 multiplied by M	£14,299
500,000 or more	£0.76 multiplied by M	£499,999.”.

(9) For paragraph 9 substitute—

“9.   This table relates to Master Trust schemes for the financial year beginning with 1st April 2025—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£36
12 to 99	£3.56 multiplied by M	Not applicable
100 to 999	£2.57 multiplied by M	£353
1,000 to 4,999	£2.01 multiplied by M	£2,568
5,000 to 9,999	£1.52 multiplied by M	£10,048
10,000 to 499,999	£1.07 multiplied by M	£15,199
500,000 or more	£0.81 multiplied by M	£534,999.”.

(10) For paragraph 10 substitute—

“10.   This table relates to Master Trust schemes for the financial year beginning with 1st April 2026—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£39
12 to 99	£3.79 multiplied by M	Not applicable
100 to 999	£2.74 multiplied by M	£376
1,000 to 4,999	£2.14 multiplied by M	£2,738
5,000 to 9,999	£1.62 multiplied by M	£10,698
10,000 to 499,999	£1.14 multiplied by M	£16,199
500,000 or more	£0.86 multiplied by M	£569,999.”.

(11) For paragraph 11 substitute—

“11.   This table relates to the financial year beginning with 1st April 2024—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£15
12 to 99	£1.33 multiplied by M	Not applicable
100 to 999	£0.94 multiplied by M	£132
1,000 to 4,999	£0.80 multiplied by M	£940
5,000 to 9,999	£0.53 multiplied by M	£4,000
10,000 to 499,999	£0.40 multiplied by M	£5,300
500,000 or more	£0.30 multiplied by M	£200,000.”.

(12) For paragraph 12 substitute—

“12.   This table relates to the financial year beginning with 1st April 2025—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£16
12 to 99	£1.42 multiplied by M	Not applicable
100 to 999	£1.00 multiplied by M	£141
1,000 to 4,999	£0.85 multiplied by M	£999
5,000 to 9,999	£0.57 multiplied by M	£4,250
10,000 to 499,999	£0.43 multiplied by M	£5,700
500,000 or more	£0.32 multiplied by M	£215,000.”.

(13) For paragraph 13 substitute—

“13.   This table relates to the financial year beginning with 1st April 2026—

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£17
12 to 99	£1.51 multiplied by M	Not applicable
100 to 999	£1.06 multiplied by M	£150
1,000 to 4,999	£0.91 multiplied by M	£1,059
5,000 to 9,999	£0.60 multiplied by M	£4,550
10,000 to 499,999	£0.46 multiplied by M	£6,000
500,000 or more	£0.34 multiplied by M	£230,000.”.

(1)

S.I. 2005/626, amended by S.I. 2021/214, (“the 2005 Regulations”); there are other amending instruments but none is relevant.

(2)

A “defined benefits scheme” and a “hybrid scheme” are both defined in paragraph 1 of the Schedule to the 2005 Regulations.

(3)

A “money purchase scheme” is defined in paragraph 1 of the Schedule to the 2005 Regulations.

(4)

A “Master Trust scheme” is defined in paragraph 1 of the Schedule to the 2005 Regulations.