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

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (S.I. 2005/626) by replacing paragraphs 2 to 13 of the Schedule to those Regulations. In doing so these Regulations specify the figures that are to be used in calculating the rate at which the general levy for occupational pension schemes and that for personal pension schemes is payable.

The purpose of the general levy is to meet the expenditure mentioned in section 175 of the Pension Schemes Act 1993 (c. 48). Specified occupational and personal pension schemes pay the general levy to fund the core activities of the Pensions Regulator, the activities of the Pensions Ombudsman and the pensions-related activities of the Money and Pensions Service(1).

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 for these financial years.

An impact assessment has not been published for these Regulations as they amend an existing statutory levy regime and the associated administrative costs are negligible.

(1)

The Financial Guidance and Claims Act 2018 (c. 10) created a new body referred to in that Act as the single financial guidance body which took over the functions of the Pensions Advisory Service. This body was named by regulation 2 of the Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383) as the Money and Pensions Service.