Regulation 2 The general levy

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 2(1) words substituted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(a)
reg. 2(2) words substituted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(a)
reg. 2(4) words substituted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(b)
reg. 2(4A) inserted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(c)
reg. 2(5) words inserted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(d)(i)
reg. 2(5)(a) omitted by Occupational and Personal Pension Schemes (Levy and Register) 1998 reg. 2(3)(d)(ii)
reg.2 amended by Occupational and Personal Pension Schemes (Levy) 2000 reg.2

(1)

F1Subject to paragraph (4A), for the purpose of meeting expenditure under section 6, Part X and section 174 of the 1993 Act M1 and of the Regulatory AuthorityF2in connection with their functions in relation to occupational pension schemes, the trustees of every registrable occupational pension scheme shall be liable to pay a levy to the Secretary of State.

(2)

F3Subject to paragraph (4A), for the purpose of meeting expenditure under section 6, Part X and section 174 of the 1993 ActF4and of the Regulatory Authority in connection with their functions in relation to personal pension schemes, the trustees of every registrable personal pension scheme shall be liable to pay a levy to the Secretary of State.

(3)

In these Regulations, the levy payable to the Secretary of State by a registrable scheme under paragraph (1) or (2) above shall be referred to as “the general levy".

(4)

F5Subject to paragraph (4A), the general levy shall be payable in respect of each registration year.

F6(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.

(5)

Subject to regulation 8, where, during a registration year, a schemeF7to which paragraph (1) or (2) above applies—

F8(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

ceases to be a registrable scheme; or

(c)

is wound up,

the general levy shall nevertheless be payable in full for that year.

Annotations

Textual amendments

F1: Words inserted into reg. 2(1) by reg. 2(3)(a) of S.I. 1998/600 as from 1.4.98
F2: Words inserted into reg. 2(1) by reg. 2(a) of S.I. 2000/542 as from 1.4.00.
F3: Words inserted into reg. 2(2) by reg. 2(3)(a) of S.I. 1998/600 as from 1.4.98.
F4: Words inserted into reg. 2(2) by reg. 2(a) of S.I. 2000/542 as from 1.4.00.
F5: Words in reg. 2(4) substituted by reg. 2(3)(b) of S.I. 1998/ 600 as from 1.4.98.
F6: Reg. 2(4A) inserted by reg. 2(3)(c) of S.I. 1998/ 600 as from 1.4.98.
F7: Words inserted into reg. 2(5) by reg. 2(3)(d)(i) of S.I. 1998/600 as from 1.4.98.
F8: Reg. 2(5)(a) omitted by reg. 2(3)(d)(ii) of S.I. 1998/600 as from 1.4.98.

Marginal citations

M1: Section 174 of the Pension Schemes Act 1993 is amended by section 151 of and paragraph 73 of Schedule 5 to the Pensions Act 1995.