keep The Occupational Pension Schemes (Levies) (Amendment) Regulations 2015
The Occupational Pension Schemes (Levies) (Amendment) Regulations 2015 amend the 2005 Regulations to update administration levy rates charged to occupational pension schemes based on membership size. It establishes tiered levy tables for financial years ending 31 March 2016, 2017, and 2018+, with amounts calculated by formula (per-member multiplier) and minimum flat fees. The regulations also revoke certain prior amendment regulations.
Without this levy regulation, the Pensions Regulator would lose its primary funding mechanism for overseeing occupational pension schemes. The regulator protects over 20 million defined benefit pension scheme members and their savings. Deleting this would create a regulatory vacuum just as the 2016 automatic enrolment expansion brings more workers into pension schemes, risking fraud, mismanagement, and loss of retirement savings that would leave Britons significantly worse off. The levy cost is also relatively modest relative to scheme assets under management.