The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations (Northern Ireland) 2024

Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations

2.—(1) The Schedule to the Occupational and Personal Pension Schemes (General Levy) Regulations (Northern Ireland) 2005(1) (amount of the general levy) is amended in accordance with paragraphs (2) to (13).

(2) For paragraph 2 substitute—

“2.   The following Table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2024.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£68
12 to 99	£6∙75 x M	Not applicable
100 to 999	£4∙88 x M	£669
1,000 to 4,999	£3∙79 x M	£4,876
5,000 to 9,999	£2∙89 x M	£18,947
10,000 to 499,999	£2∙01 x M	£28,898
500,000 or more	£1∙52 x M	£1,004,998”

(3) For paragraph 3 substitute—

“3.   The following Table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2025.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£73
12 to 99	£7∙19 x M	Not applicable
100 to 999	£5∙19 x M	£712
1,000 to 4,999	£4∙04 x M	£5,185
5,000 to 9,999	£3∙07 x M	£20,196
10,000 to 499,999	£2∙14 x M	£30,697
500,000 or more	£1∙62 x M	£1,069,998”

(4) For paragraph 4 substitute—

“4.   The following Table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2026.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£77
12 to 99	£7∙66 x M	Not applicable
100 to 999	£5∙53 x M	£759
1,000 to 4,999	£4∙30 x M	£5,525
5,000 to 9,999	£3∙27 x M	£21,496
10,000 to 499,999	£2∙28 x M	£32,697
500,000 or more	£1∙73 x M	£1,139,998”

(5) For paragraph 5 substitute—

“5.   The following Table relates to money purchase schemes for the financial year beginning with 1st April 2024.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£47
12 to 99	£4∙60 x M	Not applicable
100 to 999	£3∙32 x M	£456
1,000 to 4,999	£2∙59 x M	£3,317
5,000 to 9,999	£1∙97 x M	£12,948
10,000 to 499,999	£1∙37 x M	£19,699
500,000 or more	£1∙04 x M	£684,999”

(6) For paragraph 6 substitute—

“6.   The following Table relates to money purchase schemes for the financial year beginning with 1st April 2025.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£50
12 to 99	£4∙90 x M	Not applicable
100 to 999	£3∙54 x M	£486
1,000 to 4,999	£2∙76 x M	£3,537
5,000 to 9,999	£2∙10 x M	£13,798
10,000 to 499,999	£1∙46 x M	£20,998
500,000 or more	£1∙11 x M	£729,999”

(7) For paragraph 7 substitute—

“7.   The following Table relates to money purchase schemes for the financial year beginning with 1st April 2026.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£53
12 to 99	£5∙22 x M	Not applicable
100 to 999	£3∙77 x M	£517
1,000 to 4,999	£2∙94 x M	£3,767
5,000 to 9,999	£2∙23 x M	£14,698
10,000 to 499,999	£1∙56 x M	£22,298
500,000 or more	£1∙18 x M	£779,999”

(8) For paragraph 8 substitute—

“8.   The following Table relates to Master Trust schemes for the financial year beginning with 1st April 2024.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£34
12 to 99	£3∙34 x M	Not applicable
100 to 999	£2∙42 x M	£331
1,000 to 4,999	£1∙89 x M	£2,418
5,000 to 9,999	£1∙43 x M	£9,449
10,000 to 499,999	£1∙00 x M	£14,299
500,000 or more	£0∙76 x M	£499,999”

(9) For paragraph 9 substitute—

“9.   The following Table relates to Master Trust schemes for the financial year beginning with 1st April 2025.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£36
12 to 99	£3∙56 x M	Not applicable
100 to 999	£2∙57 x M	£353
1,000 to 4,999	£2∙01 x M	£2,568
5,000 to 9,999	£1∙52 x M	£10,048
10,000 to 499,999	£1∙07 x M	£15,199
500,000 or more	£0∙81 x M	£534,999”

(10) For paragraph 10 substitute—

“10.   The following Table relates to Master Trust schemes for the financial year beginning with 1st April 2026.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£39
12 to 99	£3∙79 x M	Not applicable
100 to 999	£2∙74 x M	£376
1,000 to 4,999	£2∙14 x M	£2,738
5,000 to 9,999	£1∙62 x M	£10,698
10,000 to 499,999	£1∙14 x M	£16,199
500,000 or more	£0∙86 x M	£569,999”

(11) For paragraph 11 substitute—

“11.   The following Table relates to personal pension schemes for the financial year beginning with 1st April 2024.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£15
12 to 99	£1∙33 x M	Not applicable
100 to 999	£0∙94 x M	£132
1,000 to 4,999	£0∙80 x M	£940
5,000 to 9,999	£0∙53 x M	£4,000
10,000 to 499,999	£0∙40 x M	£5,300
500,000 or more	£0∙30 x M	£200,000”

(12) For paragraph 12 substitute—

“12.   The following Table relates to personal pension schemes for the financial year beginning with 1st April 2025.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£16
12 to 99	£1∙42 x M	Not applicable
100 to 999	£1∙00 x M	£141
1,000 to 4,999	£0∙85 x M	£999
5,000 to 9,999	£0∙57 x M	£4,250
10,000 to 499,999	£0∙43 x M	£5,700
500,000 or more	£0∙32 x M	£215,000”

(13) For paragraph 13 substitute—

“13.   The following Table relates to personal pension schemes for the financial year beginning with 1st April 2026.

TABLE

Column 1	Column 2	Column 3
Number of members on the reference day	Amount of levy calculated by reference to number of members (M)	Minimum amount of levy
2 to 11		£17
12 to 99	£1∙51 x M	Not applicable
100 to 999	£1∙06 x M	£150
1,000 to 4,999	£0∙91 x M	£1,059
5,000 to 9,999	£0∙60 x M	£4,550
10,000 to 499,999	£0∙46 x M	£6,000
500,000 or more	£0∙34 x M	£230,000”

(1)

S.R. 2005 No. 92; the Schedule was added by regulation 2(4) of S.R. 2021 No. 60