The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1992

Amendment of regulation 2 of the Levy Regulations

28.  In regulation 2 of the Levy Regulations (the levy on registrable schemes)—

(a) in paragraph (1) after the words “every registrable scheme” there shall be inserted the words “with at least 2 active members”;

(b) in paragraph (2) at the end there shall be added the words “and the amount payable shall be 3 times the amount calculated at the beginning of the first registration year in that period.”;

(c) for paragraph (4), there shall be substituted the following paragraph—

“(4) Where, during a period in respect of which the levy is payable in accordance with these Regulations, a scheme—

(a) becomes a registrable scheme;

(b) ceases to be a registrable scheme;

(c) becomes a paid-up or frozen scheme; or

(d) is wound up,

the levy shall nevertheless be payable in full for that period.”.