The Occupational and Personal Pension Schemes (Levy) Regulations 1997

Waiver of the general levy and the compensation levy

8.—(1) In the case of schemes to which regulations 2(1) and 5(1) apply, payment of the general levy or the compensation levy shall be waived where the trustees confirm in writing to the Registrar that—

(a) there is no employer or the employer is insolvent; and

(b) in the case of a scheme under which all the benefits that may be provided (other than death benefits) are money purchase benefits, there are insufficient unallocated assets in the scheme to meet its levy liabilities in full; or

(c) in the case of a scheme to which sections 56 to 60 of the 1995 Act (the minimum funding requirement) apply and in respect of which there has been an actuarial valuation of the scheme’s assets in accordance with section 57 of that Act (valuation and certification of assets and liabilities), the value of the scheme’s assets is less than 100 per cent. of its liabilities; or

(d) in the case of a scheme to which sections 56 to 60 of the 1995 Act apply and in respect of which there has been no actuarial valuation of the scheme’s assets in accordance with section 57 of that Act, the amount by which the scheme’s assets exceed its liabilities, in accordance with the last actuarial valuation of the scheme’s assets under regulation 8 of the Occupational Pension Schemes (Disclosure of Information) Regulations 1986 M1 , is less than the total amount of its levy liabilities.

(2) In this regulation, “insolvent" has the meaning given by section 123 of the 1993 Act (interpretation of Chapter II of Part VII of the 1993 Act).

Modifications etc. (not altering text)

C1 Regs. 5-8 applied (1.10.2000) by The Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403), regs. 1(2), 32, Sch. 2

Marginal Citations

M1 S.I. 1986/1046. Regulation 8 was revoked by regulation 12 of and Schedule 4 to the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (S.I. 1996/1655). (The requirement for occupational pension schemes to provide valuations of their assets is now contained in regulation 30 of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 (S.I. 1996/1536).)