The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2017

Made: 22nd February 2017

Laid before Parliament: 1st March 2017

Coming into force: 1st April 2017

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Citation and commencement

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

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Revocations

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Signed

Signed by authority of the Secretary of State for Work and Pensions

Richard Harrington — Parliamentary Under Secretary of State, — Department for Work and Pensions — 2017-02-22

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations amend the Occupational and Personal Pension Schemes (General Levy) Regulations 2005. They substitute regulations 6(2) and 7(2) to specify the new figures that are to be used in calculating the rate at which the general levy is payable. The new figures apply for each financial year starting with the one which begins on 1st April 2017.

The purpose of the general levy is to meet the expenditure mentioned in section 175 of the Pension Schemes Act 1993. Specified occupational and personal pension schemes pay the general levy to fund the Pensions Regulator, the Pensions Advisory Service and the Pensions Ombudsman.

The effect of the changes is to leave the general levy rates unchanged for schemes with fewer than 500,000 members. A new rate for is introduced for schemes with 500,000 members or more which is 25% per member lower than the previously applicable rate.

These Regulations reduce costs for business and civil society organisations overall. An impact assessment has not been published for these Regulations as they amend an existing statutory levy regime and the associated administrative costs are negligible.

Footnotes

[^f00001]: 1993 c. 48. Section 175 was substituted by section 165 of the Pensions Act 1995 (c. 26) and subsections (1) and (3) were amended by paragraph 26 of Schedule 1 and Schedule 13 to the Pensions Act 2004 (c. 35) and S.I. 2010/22. See section 181(1) for the definitions of “prescribed” and “regulations”.

[^f00002]: Section 185(1) was amended by paragraph 46 of Schedule 3, paragraph 80(a) of Schedule 5, and Part 1 of Schedule 7 to the Pensions Act 1995.

[^f00003]: S.I. 2005/626.

[^f00004]: Regulation 6(2) was substituted by S.I. 2012/539.

[^f00005]: Regulation 7(2) was substituted by S.I. 2012/539.

[^f00006]: S.I. 2008/661.

[^f00007]: S.I. 2012/539; regulation 3 was revoked by S.I. 2015/84.

Editorial notes