These Regulations revoke and replace the Occupational and Personal Pension Schemes (Levy) Regulations 1990 (“the previous Regulations”). They make provision for the levy towards meeting the cost of the Pensions Ombudsman, the register of occupational and personal pension schemes and certain grants made to advisory bodies by the Occupational Pensions Board to be paid in future on a yearly rather than a three yearly basis.

Regulation 2 requires the trustees or administrators of a registrable scheme with at least 2 active members to pay the levy. Under the previous Regulations, the levy was payable in accordance with a three-year payment cycle. These Regulations provide for that three year cycle to cease to have effect beyond 31st March 1997. Regulation 3 sets out how the amount of the levy is to be determined. The yearly rates are the same as those which applied under the previous Regulations. Regulation 4 makes provision, subject to certain exceptions, for the levy to be payable to the registrar of occupational and personal pension schemes in advance at the beginning of each registration year. Regulation 5 makes provision to avoid duplication of payments where a levy is payable under equivalent provisions which have effect in Northern Ireland. Regulation 6 makes provision for the payment together, in certain cases, of the levy for the registration years commencing 1st April 1995 and 1st April 1996 and for schemes which, under the previous Regulations, have already paid a levy in respect of those years. Regulation 7 revokes the previous Regulations.

The Report of the Occupational Pensions Board on the draft of these Regulations is contained in Command Paper Cm. 2779, published by Her Majesty’s Stationery Office.

These Regulations do not impose any costs on business.