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The Occupational Pension Schemes (Levies) (Amendment) Regulations 2008
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- 2008 No. 910
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Occupational Pension Schemes (Levies) Regulations 2005 (S.I. 2005/842) (“the Levies Regulations”).
Regulation 2 substitutes regulation 6(2) of the Levies Regulations. This specifies the new figures to be used in calculating the rate at which the administration levy is payable. The new figures apply for each financial year starting with the one which begins on 1st April 2008. The purpose of the administration levy is to meet the expenditure of the Secretary of State mentioned in section 117(1) of the Pensions Act 2004 (c.35).
The figures used to calculate the rate of the levy have increased by between 17 per cent and 20 per cent. These increases are based on a change in the scheme membership profile, the Board of the Pension Protection Fund’s estimate of their expenses for 2008/2009 and the recovery of a £2.7million deficit from 2007/2008.
These Regulations have only a negligible impact on the cost of business, charities or the voluntary sector. Publication of a full Impact Assessment is not necessary for such legislation.
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