Regulation 4 Liability for the administration levyF7I1

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

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F3The administration levy is , the levies are payable in respect of each financial year.

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F5The administration levy in respect of a financial year is are 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, F6the administration levy is payable on the day after that on which that year ends.