These Regulations further amend the Occupational and Personal Pension Schemes (General Levy) Regulations (Northern Ireland) 2005 (“the 2005 Regulations”) by substituting paragraphs 2 to 13 of the Schedule to the 2005 Regulations to specify the figures to be used in calculating the rate at which the general levy for occupational pension schemes and personal pension schemes is payable.

The purpose of the general levy is to meet the expenditure mentioned in section 170(1) of the Pension Schemes (Northern Ireland) Act 1993. Specified occupational and personal pension schemes pay the general levy (see regulation 2 of the 2005 Regulations). The general levy is used to fund the Pensions Regulator and the Pensions Ombudsman and partly to fund the Money and Pensions Service.

The rates specified apply for the financial years beginning with 1st April 2024, 1st April 2025 and 1st April 2026. The effect of the amendments is to increase the general levy rates for both occupational and personal pension schemes by 6∙5 per cent.