Regulation 5 The reference day

The amount of F1the administration levy payable for a financial year (“the levy year”) in respect of a scheme is calculated by reference to the number of the scheme's members on the reference day.

In the case of a scheme established on or before 31st March 2005, for the levy F2year beginning on 1st April 2005F3..., the reference day is 31st March 2005.

In the case of a scheme established on or after 1st April 2005, for the levy F4year beginning on 1st April 2005F5..., the reference day is the date on which the scheme becomes a registrable scheme.

For a levy year beginning on or after F61st April 2006 the general rule is that the reference day for a scheme is the last day of the scheme year which ended before the beginning of the previous levy year.

But if the scheme was established too late to have such a scheme year, the reference day is the date on which the scheme becomes a registrable scheme.

In this regulation and regulation 6 “member”, in relation to a scheme, does not include a life member of the scheme, unless he–