Regulation 2 Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 2005

(1)

The Occupational and Personal Pension Schemes (General Levy) Regulations 2005^f1 are amended as follows.

(2)

In regulation 6 (amount of the general levy: occupational pension schemes)—

(a)

in paragraph (1), for “in column (1) of the table in paragraph (2)” substitute “for that financial year for that scheme in column (1) of the appropriate table in Part 1 of the Schedule”;

(b)

omit paragraph (2).

(3)

In regulation 7 (amount of the general levy: personal pension schemes)—

(a)

in paragraph (1), for “in column (1) of the table in paragraph (2)” substitute “for that financial year in column (1) of the appropriate table in Part 2 of the Schedule”;

(b)

omit paragraph (2).

(4)

At the end insert—

“SCHEDULE

AMOUNT OF THE GENERAL LEVY

Regulations 6(1) and 7(1)

PART 1
OCCUPATIONAL PENSION SCHEMES

1.

(1)
In this Part—

“defined benefits scheme”, “hybrid scheme” and “money purchase scheme” have the meanings given in section 99 of the Pensions Act 2008^f2;

“Master Trust scheme” has the meaning given in section 1 of the Pension Schemes Act 2017^f3.

(2)
Where an occupational pension scheme—

(a)
is both a Master Trust scheme and a money purchase scheme; or

(b)
is both a Master Trust scheme and a hybrid scheme,

the scheme shall be treated for the purposes of this Part as a Master Trust scheme.

2.

This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2021—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £32
12 to 99 £3.17 multiplied by M Not applicable
100 to 999 £2.29 multiplied by M £310
1,000 to 4,999 £1.78 multiplied by M £2,290
5,000 to 9,999 £1.35 multiplied by M £8,900
10,000 to 499,999 £0.95 multiplied by M £13,500
500,000 or more £0.72 multiplied by M £475,000.

3.

This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2022—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £54
12 to 99 £5.33 multiplied by M Not applicable
100 to 999 £3.85 multiplied by M £530
1,000 to 4,999 £3.00 multiplied by M £3,850
5,000 to 9,999 £2.28 multiplied by M £15,000
10,000 to 499,999 £1.59 multiplied by M £22,800.
500,000 or more £1.20 multiplied by M £795,000.

4.

This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2023—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £64
12 to 99 £6.34 multiplied by M Not applicable
100 to 999 £4.58 multiplied by M £630
1,000 to 4,999 £3.56 multiplied by M £4,580
5,000 to 9,999 £2.71 multiplied by M £17,800
10,000 to 499,999 £1.89 multiplied by M £27,100
500,000 or more £1.43 multiplied by M £945,000.

5.

This table relates to money purchase schemes for the financial year beginning with 1stApril 2021—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £32
12 to 99 £3.17 multiplied by M Not applicable
100 to 999 £2.29 multiplied by M £310
1,000 to 4,999 £1.78 multiplied by M £2,290
5,000 to 9,999 £1.35 multiplied by M £8,900
10,000 to 499,999 £0.95 multiplied by M £13,500
500,000 or more £0.72 multiplied by M £475,000.

6.

This table relates to money purchase schemes for the financial year beginning with 1stApril 2022—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £38
12 to 99 £3.74 multiplied by M Not applicable
100 to 999 £2.70 multiplied by M £370
1,000 to 4,999 £2.11 multiplied by M £2,700
5,000 to 9,999 £1.60 multiplied by M £10,550
10,000 to 499,999 £1.12 multiplied by M £16,000
500,000 or more £0.85 multiplied by M £560,000.

7.

This table relates to money purchase schemes for the financial year beginning with 1st April 2023—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £44
12 to 99 £4.32 multiplied by M Not applicable
100 to 999 £3.12 multiplied by M £430
1,000 to 4,999 £2.43 multiplied by M £3,120
5,000 to 9,999 £1.85 multiplied by M £12,150
10,000 to 499,999 £1.29 multiplied by M £18,500
500,000 or more £0.98 multiplied by M £645,000.

8.

This table relates to Master Trust schemes for the financial year beginning with 1st April 2021—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £31
12 to 99 £3.02 multiplied by M Not applicable
100 to 999 £2.18 multiplied by M £300
1,000 to 4,999 £1.70 multiplied by M £2,180
5,000 to 9,999 £1.29 multiplied by M £8,500
10,000 to 499,999 £0.90 multiplied by M £12,900
500,000 or more £0.68 multiplied by M £450,000.

9.

This table relates to Master Trust schemes for the financial year beginning with 1st April 2022—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £32
12 to 99 £3.08 multiplied by M Not applicable
100 to 999 £2.23 multiplied by M £300
1,000 to 4,999 £1.73 multiplied by M £2,230
5,000 to 9,999 £1.32 multiplied by M £8,650
10,000 to 499,999 £0.92 multiplied by M £13,200
500,000 or more £0.70 multiplied by M £460,000.

10.

This table relates to Master Trust schemes for the financial year beginning with 1st April 2023—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £32
12 to 99 £3.14 multiplied by M Not applicable
100 to 999 £2.27 multiplied by M £310
1,000 to 4,999 £1.77 multiplied by M £2,270
5,000 to 9,999 £1.34 multiplied by M £8,850
10,000 to 499,999 £0.94 multiplied by M £13,400
500,000 or more £0.71 multiplied by M £470,000.

PART 2
PERSONAL PENSION SCHEMES

11.

This table relates to the financial year beginning with 1st April 2021—

Number of members on the reference day Amount of levy calculated by reference to number of members (M) Minimum amount of levy

2 to 11 £13
12 to 99 £1.21 multiplied by M Not applicable
100 to 999 £0.85 multiplied by M £120
1,000 to 4,999 £0.72 multiplied by M £850
5,000 to 9,999 £0.48 multiplied by M £3,600
10,000 to 499,999 £0.37 multiplied by M £4,800
500,000 or more £0.27 multiplied by M £185,000.

12.

This table relates to the financial year beginning with 1st April 2022—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £13
12 to 99 £1.23 multiplied by M Not applicable
100 to 999 £0.87 multiplied by M £120
1,000 to 4,999 £0.74 multiplied by M £870
5,000 to 9,999 £0.49 multiplied by M £3,700
10,000 to 499,999 £0.37 multiplied by M £4,900
500,000 or more £0.28 multiplied by M £185,000.

13.

This table relates to the financial year beginning with 1st April 2023—

Number of members on the reference day Amount of levy calculated by reference to the number of members (M) Minimum amount of levy

2 to 11 £14
12 to 99 £1.25 multiplied by M Not applicable
100 to 999 £0.88 multiplied by M £120
1,000 to 4,999 £0.75 multiplied by M £880
5,000 to 9,999 £0.50 multiplied by M £3,750
10,000 to 499,999 £0.38 multiplied by M £5,000
500,000 or more £0.28 multiplied by M £190,000.

”.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£32
12 to 99	£3.17 multiplied by M	Not applicable
100 to 999	£2.29 multiplied by M	£310
1,000 to 4,999	£1.78 multiplied by M	£2,290
5,000 to 9,999	£1.35 multiplied by M	£8,900
10,000 to 499,999	£0.95 multiplied by M	£13,500
500,000 or more	£0.72 multiplied by M	£475,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£54
12 to 99	£5.33 multiplied by M	Not applicable
100 to 999	£3.85 multiplied by M	£530
1,000 to 4,999	£3.00 multiplied by M	£3,850
5,000 to 9,999	£2.28 multiplied by M	£15,000
10,000 to 499,999	£1.59 multiplied by M	£22,800.
500,000 or more	£1.20 multiplied by M	£795,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£64
12 to 99	£6.34 multiplied by M	Not applicable
100 to 999	£4.58 multiplied by M	£630
1,000 to 4,999	£3.56 multiplied by M	£4,580
5,000 to 9,999	£2.71 multiplied by M	£17,800
10,000 to 499,999	£1.89 multiplied by M	£27,100
500,000 or more	£1.43 multiplied by M	£945,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£32
12 to 99	£3.17 multiplied by M	Not applicable
100 to 999	£2.29 multiplied by M	£310
1,000 to 4,999	£1.78 multiplied by M	£2,290
5,000 to 9,999	£1.35 multiplied by M	£8,900
10,000 to 499,999	£0.95 multiplied by M	£13,500
500,000 or more	£0.72 multiplied by M	£475,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£38
12 to 99	£3.74 multiplied by M	Not applicable
100 to 999	£2.70 multiplied by M	£370
1,000 to 4,999	£2.11 multiplied by M	£2,700
5,000 to 9,999	£1.60 multiplied by M	£10,550
10,000 to 499,999	£1.12 multiplied by M	£16,000
500,000 or more	£0.85 multiplied by M	£560,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£44
12 to 99	£4.32 multiplied by M	Not applicable
100 to 999	£3.12 multiplied by M	£430
1,000 to 4,999	£2.43 multiplied by M	£3,120
5,000 to 9,999	£1.85 multiplied by M	£12,150
10,000 to 499,999	£1.29 multiplied by M	£18,500
500,000 or more	£0.98 multiplied by M	£645,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£31
12 to 99	£3.02 multiplied by M	Not applicable
100 to 999	£2.18 multiplied by M	£300
1,000 to 4,999	£1.70 multiplied by M	£2,180
5,000 to 9,999	£1.29 multiplied by M	£8,500
10,000 to 499,999	£0.90 multiplied by M	£12,900
500,000 or more	£0.68 multiplied by M	£450,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£32
12 to 99	£3.08 multiplied by M	Not applicable
100 to 999	£2.23 multiplied by M	£300
1,000 to 4,999	£1.73 multiplied by M	£2,230
5,000 to 9,999	£1.32 multiplied by M	£8,650
10,000 to 499,999	£0.92 multiplied by M	£13,200
500,000 or more	£0.70 multiplied by M	£460,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£32
12 to 99	£3.14 multiplied by M	Not applicable
100 to 999	£2.27 multiplied by M	£310
1,000 to 4,999	£1.77 multiplied by M	£2,270
5,000 to 9,999	£1.34 multiplied by M	£8,850
10,000 to 499,999	£0.94 multiplied by M	£13,400
500,000 or more	£0.71 multiplied by M	£470,000.

Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£13
12 to 99	£1.21 multiplied by M	Not applicable
100 to 999	£0.85 multiplied by M	£120
1,000 to 4,999	£0.72 multiplied by M	£850
5,000 to 9,999	£0.48 multiplied by M	£3,600
10,000 to 499,999	£0.37 multiplied by M	£4,800
500,000 or more	£0.27 multiplied by M	£185,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£13
12 to 99	£1.23 multiplied by M	Not applicable
100 to 999	£0.87 multiplied by M	£120
1,000 to 4,999	£0.74 multiplied by M	£870
5,000 to 9,999	£0.49 multiplied by M	£3,700
10,000 to 499,999	£0.37 multiplied by M	£4,900
500,000 or more	£0.28 multiplied by M	£185,000.

Number of members on the reference day	Amount of levy calculated by reference to the number of members (M)	Minimum amount of levy
2 to 11		£14
12 to 99	£1.25 multiplied by M	Not applicable
100 to 999	£0.88 multiplied by M	£120
1,000 to 4,999	£0.75 multiplied by M	£880
5,000 to 9,999	£0.50 multiplied by M	£3,750
10,000 to 499,999	£0.38 multiplied by M	£5,000
500,000 or more	£0.28 multiplied by M	£190,000.

Annotations

Footnotes

f1: S.I. 2005/626. Relevant amending instrument is S.I. 2017/203.
f2: 2008 c. 30. Section 99 is amended but none of the amendments are relevant.
f3: 2017 c .17.