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

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In force since 2024-04-01, as the publisher states.

Copy read on 2026-11-10. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 3 provisions

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3 provisions

Title and introductory text

2024 No. 274 PENSIONS The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2024 Made 1st March 2024 Laid before Parliament 4th March 2024 Coming into force 1st April 2024 The Secretary of State makes these Regulations in exercise of the powers conferred by sections 175(1) to (3) and 182(2) of the Pension Schemes Act 1993. In accordance with section 185(1) of that Act, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

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1 Citation, commencement and extent

(1) These Regulations may be cited as the Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2024. (2) These Regulations come into force on 1st April 2024. (3) These Regulations extend to England and Wales and Scotland.

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2 Amendment of the Occupational and Personal Pension Schemes (General Levy) Regulations 2005

(1) The Schedule to the Occupational and Personal Pension Schemes (General Levy) Regulations 2005 (amount of the general levy) is amended as follows. (2) For paragraph 2 substitute— 2 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2024— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £68 12 to 99 | £6.75 multiplied by M | Not applicable 100 to 999 | £4.88 multiplied by M | £669 1,000 to 4,999 | £3.79 multiplied by M | £4,876 5,000 to 9,999 | £2.89 multiplied by M | £18,947 10,000 to 499,999 | £2.01 multiplied by M | £28,898 500,000 or more | £1.52 multiplied by M | £1,004,998. . (3) For paragraph 3 substitute— 3 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2025— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £73 12 to 99 | £7.19 multiplied by M | Not applicable 100 to 999 | £5.19 multiplied by M | £712 1,000 to 4,999 | £4.04 multiplied by M | £5,185 5,000 to 9,999 | £3.07 multiplied by M | £20,196 10,000 to 499,999 | £2.14 multiplied by M | £30,697 500,000 or more | £1.62 multiplied by M | £1,069,998. . (4) For paragraph 4 substitute— 4 This table relates to defined benefits schemes and hybrid schemes for the financial year beginning with 1st April 2026— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £77 12 to 99 | £7.66 multiplied by M | Not applicable 100 to 999 | £5.53 multiplied by M | £759 1,000 to 4,999 | £4.30 multiplied by M | £5,525 5,000 to 9,999 | £3.27 multiplied by M | £21,496 10,000 to 499,999 | £2.28 multiplied by M | £32,697 500,000 or more | £1.73 multiplied by M | £1,139,998. . (5) For paragraph 5 substitute— 5 This table relates to money purchase schemes for the financial year beginning with 1st April 2024— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £47 12 to 99 | £4.60 multiplied by M | Not applicable 100 to 999 | £3.32 multiplied by M | £456 1,000 to 4,999 | £2.59 multiplied by M | £3,317 5,000 to 9,999 | £1.97 multiplied by M | £12,948 10,000 to 499,999 | £1.37 multiplied by M | £19,699 500,000 or more | £1.04 multiplied by M | £684,999. . (6) For paragraph 6 substitute— 6 This table relates to money purchase schemes for the financial year beginning with 1st April 2025— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £50 12 to 99 | £4.90 multiplied by M | Not applicable 100 to 999 | £3.54 multiplied by M | £486 1,000 to 4,999 | £2.76 multiplied by M | £3,537 5,000 to 9,999 | £2.10 multiplied by M | £13,798 10,000 to 499,999 | £1.46 multiplied by M | £20,998 500,000 or more | £1.11 multiplied by M | £729,999. . (7) For paragraph 7 substitute— 7 This table relates to money purchase schemes for the financial year beginning with 1st April 2026— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £53 12 to 99 | £5.22 multiplied by M | Not applicable 100 to 999 | £3.77 multiplied by M | £517 1,000 to 4,999 | £2.94 multiplied by M | £3,767 5,000 to 9,999 | £2.23 multiplied by M | £14,698 10,000 to 499,999 | £1.56 multiplied by M | £22,298 500,000 or more | £1.18 multiplied by M | £779,999. . (8) For paragraph 8 substitute— 8 This table relates to Master Trust schemes for the financial year beginning with 1st April 2024— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £34 12 to 99 | £3.34 multiplied by M | Not applicable 100 to 999 | £2.42 multiplied by M | £331 1,000 to 4,999 | £1.89 multiplied by M | £2,418 5,000 to 9,999 | £1.43 multiplied by M | £9,449 10,000 to 499,999 | £1.00 multiplied by M | £14,299 500,000 or more | £0.76 multiplied by M | £499,999. . (9) For paragraph 9 substitute— 9 This table relates to Master Trust schemes for the financial year beginning with 1st April 2025— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £36 12 to 99 | £3.56 multiplied by M | Not applicable 100 to 999 | £2.57 multiplied by M | £353 1,000 to 4,999 | £2.01 multiplied by M | £2,568 5,000 to 9,999 | £1.52 multiplied by M | £10,048 10,000 to 499,999 | £1.07 multiplied by M | £15,199 500,000 or more | £0.81 multiplied by M | £534,999. . (10) For paragraph 10 substitute— 10 This table relates to Master Trust schemes for the financial year beginning with 1st April 2026— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £39 12 to 99 | £3.79 multiplied by M | Not applicable 100 to 999 | £2.74 multiplied by M | £376 1,000 to 4,999 | £2.14 multiplied by M | £2,738 5,000 to 9,999 | £1.62 multiplied by M | £10,698 10,000 to 499,999 | £1.14 multiplied by M | £16,199 500,000 or more | £0.86 multiplied by M | £569,999. . (11) For paragraph 11 substitute— 11 This table relates to the financial year beginning with 1st April 2024— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £15 12 to 99 | £1.33 multiplied by M | Not applicable 100 to 999 | £0.94 multiplied by M | £132 1,000 to 4,999 | £0.80 multiplied by M | £940 5,000 to 9,999 | £0.53 multiplied by M | £4,000 10,000 to 499,999 | £0.40 multiplied by M | £5,300 500,000 or more | £0.30 multiplied by M | £200,000. . (12) For paragraph 12 substitute— 12 This table relates to the financial year beginning with 1st April 2025— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £16 12 to 99 | £1.42 multiplied by M | Not applicable 100 to 999 | £1.00 multiplied by M | £141 1,000 to 4,999 | £0.85 multiplied by M | £999 5,000 to 9,999 | £0.57 multiplied by M | £4,250 10,000 to 499,999 | £0.43 multiplied by M | £5,700 500,000 or more | £0.32 multiplied by M | £215,000. . (13) For paragraph 13 substitute— 13 This table relates to the financial year beginning with 1st April 2026— Number of members on the reference day | Amount of levy calculated by reference to the number of members (M) | Minimum amount of levy 2 to 11 | £17 12 to 99 | £1.51 multiplied by M | Not applicable 100 to 999 | £1.06 multiplied by M | £150 1,000 to 4,999 | £0.91 multiplied by M | £1,059 5,000 to 9,999 | £0.60 multiplied by M | £4,550 10,000 to 499,999 | £0.46 multiplied by M | £6,000 500,000 or more | £0.34 multiplied by M | £230,000. .

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