Date of Screening: 11/03/2021
Screening Outcome - Full EQIA recommended: No
Section 170 of the Pension Schemes (Northern Ireland) Act 1993 allows for the administration costs of the Pensions Regulator and the Pensions Ombudsman, and in part the Money and Pensions Service to be recovered by means of an annual general levy on occupational and personal pension schemes. The rate of the general levy is set out in Regulations and is reviewed annually. The general levy rates have not been increased in line with movements in inflation but are reviewed annually to ensure that an appropriate amount is being raised by the levy to meet the costs that are being incurred. The most recent review found that the levy is in deficit. A change to the general levy rates is needed to begin to recover the accruing deficit and meet forecasted relevant expenditure of the above bodies.
These Regulations help to achieve this by introducing changes to the structure and rates of the general levy on occupational and personal pension schemes from April 2021,2022 and 2023