The general levy2

1

F1Subject to paragraph (4A), for the purpose of meeting expenditure under section 6, Part X and section 174 of the 1993 Act M1 and of the Regulatory AuthorityF3in connection with their functions in relation to occupational pension schemes, the trustees of every registrable occupational pension scheme shall be liable to pay a levy to the Secretary of State.

2

F2Subject to paragraph (4A), for the purpose of meeting expenditure under section 6, Part X and section 174 of the 1993 ActF4and of the Regulatory Authority in connection with their functions in relation to personal pension schemes, the trustees of every registrable personal pension scheme shall be liable to pay a levy to the Secretary of State.

3

In these Regulations, the levy payable to the Secretary of State by a registrable scheme under paragraph (1) or (2) above shall be referred to as “the general levy".

4

F5Subject to paragraph (4A), the general levy shall be payable in respect of each registration year.

F64A

No levy shall be payable under paragraph (1) or (2) above in relation to a scheme in respect of any registration year—

a

in which that scheme becomes a registrable scheme; or

b

which immediately follows a registration year in which that scheme became a registrable scheme.

5

Subject to regulation 8, where, during a registration year, a schemeF7to which paragraph (1) or (2) above applies

F8a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

ceases to be a registrable scheme; or

c

is wound up,

the general levy shall nevertheless be payable in full for that year.