The Occupational and Personal Pension Schemes (Levy) Regulations 1990

Explanatory Note

(This note is not part of the Regulations)

These Regulations make provision for a levy towards meeting the cost of the Pensions Ombudsman, the register of occupational and personal pension schemes and certain grants made to advisory bodies by the Occupational Pensions Boards.

By regulation 2 the trustees of a registrable scheme are required to pay a levy. Regulation 3 sets out how the amount of that levy is to be determined. Regulation 4 makes provision for the payment of the levy. Regulation 5 makes provision to avoid duplication of payments where a levy is payable under equivalent provisions which have effect in Northern Ireland. Regulation 6 contains transitional provisions.

These Regulations are made by virtue of, or are consequential upon, the coming into force of section 14 of, and paragraph 12 of Schedule 4 to, the Social Security Act 1990 and are made before the end of the period of 6 months beginning with the commencement of those provisions and therefore, under section 61(5) of the Social Security Act 1986, no proposals to make them have been submitted to the Occupational Pensions Board.