Amendment of the Levy Regulations2
1
The Levy Regulations are amended in accordance with the following provisions of this regulation.
2
In regulation 1(2) (interpretation)—
a
the words from “, and for the purposes” to “treated as a personal pension scheme” are omitted from the definition of “registrable scheme”; and
b
for the definition of “total membership” substitute—
“total membership” means, in relation to a registrable scheme as respects which a liability arises under regulation 2(1) or (2) or 5(1) below in respect of a registration year, the number of its members—
- a
in the case of a scheme—
- i
which has become a registrable scheme during the registration year immediately preceding the previous registration year, or
- ii
in respect of which no scheme year has ended before the beginning of the previous registration year,
on the day on which the scheme became a registrable scheme;
- b
in any other case, on the last day of the last scheme year which ended before the beginning of the previous registration year;
3
In regulation 2 (the general levy)—
a
in each of paragraphs (1) and (2) for “For” substitute “Subject to paragraph (4A), for”;
b
in paragraph (4) for “The” substitute “Subject to paragraph (4A), the”;
c
after paragraph (4), insert the following paragraph—
4A
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.
d
in paragraph (5)—
i
after “a scheme” insert “to which paragraph (1) or (2) above applies”, and
ii
omit sub-paragraph (a).
4
In regulation 3 (amount of the general levy)—
a
in paragraph (2)(a) after “occupational pension scheme,” insert the words “except one which is approved under section 591(2)(h) of the Income and Corporation Taxes Act 1988 (discretionary approval)6,”;
b
in paragraph (2)(b) after “personal pension scheme,” insert the words “or a registrable occupational pension scheme which is approved under section 591(2)(h) of that Act,”.
5
In regulation 4 (payment of the general levy)—
a
in paragraph (2), omit the words “, subject to paragraph (3),”; and
b
omit paragraph (3).
6
In regulation 5 (the compensation levy)—
a
for paragraph (1) substitute the following paragraphs—
1
Subject to paragraph (1A), for the purpose of meeting the expenditure of the Compensation Board, the trustees of every registrable occupational pension scheme established by trust, except a scheme to which regulation 3(2)(b) above applies, shall, in respect of each registration year, be liable to pay a levy to the Compensation Board.
1A
No levy shall be payable under paragraph (1) 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.
b
in paragraph (4), omit sub-paragraph (a).
7
In regulation 7 (payment of the compensation levy)—
a
in paragraph (1), omit the words “, subject to paragraph (2),”; and
b
omit paragraph (2).
8
In regulation 11(c) (modification of section 75 of the Pensions Act 1995) omit the words from “, and, for this purpose” to “treated as a personal pension scheme” from the definition of “registrable scheme” in the substituted subsection (3).
9
For the Schedule (amount of general levy and maximum amount of compensation levy) substitute the Schedule set out in the Schedule to these Regulations.