# The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2024 S.I. 2024/274 · made 1 March 2024 These Regulations amend the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (S.I. 2005/626) by replacing paragraphs 2 to 13 of the Schedule to those Regulations. In doing so these Regulations specify the figures that are to be used in calculating the rate at which the general levy for occupational pension schemes and that for personal pension schemes is payable. Made under: Pension Schemes Act 1993 (Section 175, Section 182) PDFs: Printed copy https://openlegislation.uk/occupational-and-personal-pension-schemes-general-levy-amendment-regulations-2024/pdf/uksi_20240274_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/occupational-and-personal-pension-schemes-general-levy-amendment-regulations-2024/pdf/uksiem_20240274_en_001.pdf ## Introductory text PENSIONS Made 1st March 2024 Laid before Parliament 4th March 2024 Coming into force 1st April 2024 The Secretary of State makes these Regulations in exercise of the powers conferred by sections 175(1) to (3) and 182(2) of the Pension Schemes Act 1993. In accordance with section 185(1) of that Act, the Secretary of State has consulted such persons as the Secretary of State considers appropriate. ## 1 Citation, commencement and extent (1) These Regulations may be cited as the Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2024. (2) These Regulations come into force on 1st April 2024. (3) These Regulations extend to England and Wales and Scotland. ## 2 Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (1) The Schedule to the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (amount of the general levy) is amended as follows. (2) For paragraph 2 substitute— “2 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2024— 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 £68 12 to 99 £6.75 multiplied by M Not applicable 100 to 999 £4.88 multiplied by M £669 1,000 to 4,999 £3.79 multiplied by M £4,876 5,000 to 9,999 £2.89 multiplied by M £18,947 10,000 to 499,999 £2.01 multiplied by M £28,898 500,000 or more £1.52 multiplied by M £1,004,998. ”. (3) For paragraph 3 substitute— “3 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2025— 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 £73 12 to 99 £7.19 multiplied by M Not applicable 100 to 999 £5.19 multiplied by M £712 1,000 to 4,999 £4.04 multiplied by M £5,185 5,000 to 9,999 £3.07 multiplied by M £20,196 10,000 to 499,999 £2.14 multiplied by M £30,697 500,000 or more £1.62 multiplied by M £1,069,998. ”. (4) For paragraph 4 substitute— “4 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2026— 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 £77 12 to 99 £7.66 multiplied by M Not applicable 100 to 999 £5.53 multiplied by M £759 1,000 to 4,999 £4.30 multiplied by M £5,525 5,000 to 9,999 £3.27 multiplied by M £21,496 10,000 to 499,999 £2.28 multiplied by M £32,697 500,000 or more £1.73 multiplied by M £1,139,998. ”. (5) For paragraph 5 substitute— “5 This table relates to money purchase schemes for the financial year beginning with 1st April 2024— 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 £47 12 to 99 £4.60 multiplied by M Not applicable 100 to 999 £3.32 multiplied by M £456 1,000 to 4,999 £2.59 multiplied by M £3,317 5,000 to 9,999 £1.97 multiplied by M £12,948 10,000 to 499,999 £1.37 multiplied by M £19,699 500,000 or more £1.04 multiplied by M £684,999. ”. (6) For paragraph 6 substitute— “6 This table relates to money purchase schemes for the financial year beginning with 1st April 2025— 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 £50 12 to 99 £4.90 multiplied by M Not applicable 100 to 999 £3.54 multiplied by M £486 1,000 to 4,999 £2.76 multiplied by M £3,537 5,000 to 9,999 £2.10 multiplied by M £13,798 10,000 to 499,999 £1.46 multiplied by M £20,998 500,000 or more £1.11 multiplied by M £729,999. ”. (7) For paragraph 7 substitute— “7 This table relates to money purchase schemes for the financial year beginning with 1st April 2026— 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 £53 12 to 99 £5.22 multiplied by M Not applicable 100 to 999 £3.77 multiplied by M £517 1,000 to 4,999 £2.94 multiplied by M £3,767 5,000 to 9,999 £2.23 multiplied by M £14,698 10,000 to 499,999 £1.56 multiplied by M £22,298 500,000 or more £1.18 multiplied by M £779,999. ”. (8) For paragraph 8 substitute— “8 This table relates to Master Trust schemes for the financial year beginning with 1st April 2024— 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 £34 12 to 99 £3.34 multiplied by M Not applicable 100 to 999 £2.42 multiplied by M £331 1,000 to 4,999 £1.89 multiplied by M £2,418 5,000 to 9,999 £1.43 multiplied by M £9,449 10,000 to 499,999 £1.00 multiplied by M £14,299 500,000 or more £0.76 multiplied by M £499,999. ”. (9) For paragraph 9 substitute— “9 This table relates to Master Trust schemes for the financial year beginning with 1st April 2025— 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 £36 12 to 99 £3.56 multiplied by M Not applicable 100 to 999 £2.57 multiplied by M £353 1,000 to 4,999 £2.01 multiplied by M £2,568 5,000 to 9,999 £1.52 multiplied by M £10,048 10,000 to 499,999 £1.07 multiplied by M £15,199 500,000 or more £0.81 multiplied by M £534,999. ”. (10) For paragraph 10 substitute— “10 This table relates to Master Trust schemes for the financial year beginning with 1st April 2026— 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 £39 12 to 99 £3.79 multiplied by M Not applicable 100 to 999 £2.74 multiplied by M £376 1,000 to 4,999 £2.14 multiplied by M £2,738 5,000 to 9,999 £1.62 multiplied by M £10,698 10,000 to 499,999 £1.14 multiplied by M £16,199 500,000 or more £0.86 multiplied by M £569,999. ”. (11) For paragraph 11 substitute— “11 This table relates to the financial year beginning with 1st April 2024— 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 £15 12 to 99 £1.33 multiplied by M Not applicable 100 to 999 £0.94 multiplied by M £132 1,000 to 4,999 £0.80 multiplied by M £940 5,000 to 9,999 £0.53 multiplied by M £4,000 10,000 to 499,999 £0.40 multiplied by M £5,300 500,000 or more £0.30 multiplied by M £200,000. ”. (12) For paragraph 12 substitute— “12 This table relates to the financial year beginning with 1st April 2025— 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 £16 12 to 99 £1.42 multiplied by M Not applicable 100 to 999 £1.00 multiplied by M £141 1,000 to 4,999 £0.85 multiplied by M £999 5,000 to 9,999 £0.57 multiplied by M £4,250 10,000 to 499,999 £0.43 multiplied by M £5,700 500,000 or more £0.32 multiplied by M £215,000. ”. (13) For paragraph 13 substitute— “13 This table relates to the financial year beginning with 1st April 2026— 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 £17 12 to 99 £1.51 multiplied by M Not applicable 100 to 999 £1.06 multiplied by M £150 1,000 to 4,999 £0.91 multiplied by M £1,059 5,000 to 9,999 £0.60 multiplied by M £4,550 10,000 to 499,999 £0.46 multiplied by M £6,000 500,000 or more £0.34 multiplied by M £230,000. ”. ## Signature Signed by authority of the Secretary of State for Work and Pensions Jo Churchill Minister of State Department for Work and Pensions 1st March 2024 ## Explanatory note (This note is not part of the Regulations) These Regulations amend the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (S.I. 2005/626) by replacing paragraphs 2 to 13 of the Schedule to those Regulations. In doing so these Regulations specify the figures that are to be used in calculating the rate at which the general levy for occupational pension schemes and that for personal pension schemes is payable. The purpose of the general levy is to meet the expenditure mentioned in section 175 of the Pension Schemes Act 1993 (c. 48). Specified occupational and personal pension schemes pay the general levy to fund the core activities of the Pensions Regulator, the activities of the Pensions Ombudsman and the pensions-related activities of the Money and Pensions Service. The rates specified apply for the financial years beginning with 1st April 2024, 1st April 2025 and 1st April 2026. The effect of the amendments is to increase the general levy rates for both occupational and personal pension schemes for these financial years. 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. --- Source: https://www.legislation.gov.uk/uksi/2024/274 (the official version) Page: https://openlegislation.uk/occupational-and-personal-pension-schemes-general-levy-amendment-regulations-2024 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.