Regulation 4 Liability for the administration levyF6

The trustees or managers of each eligible scheme are liable to pay a levy (“the administration levy”) to the Secretary of State in respect of the scheme for the purpose of meeting—

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F2The administration levy is payable in respect of each financial year.

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F4The administration levy in respect of a financial year is payable on the first day of that year, unless paragraph (6) applies.

If a scheme is not an eligible scheme on that day but becomes such a scheme during the financial year, F5the administration levy is payable on the day after that on which that year ends.