Statutory Instruments
2022 No. 259
Pensions
The Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations 2022
Made
8th March 2022
Laid before Parliament
10th March 2022
Coming into force
1st April 2022
The Secretary of State for Work and Pensions makes the following Regulations, in exercise of the powers conferred by sections 189(4) and 315(2) of the Pensions Act 2004( 1 ) and sections 38(2) and 42(2)(b) of the Pension Schemes Act 2017( 2 ).
In accordance with section 317(1) of the Pensions Act 2004, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.
Citation and commencement
1. These Regulations may be cited as the Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations 2022 and come into force on 1st April 2022.
Extent
2. The Regulations extend to England and Wales and Scotland.
Amendment of the Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006
3. In regulation 3(3) of the Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006 (the fraud compensation levy)( 3 ), for sub-paragraph (b) substitute—
“ (b) not exceed—
(i) in the case of a scheme which is authorised by the Regulator under section 5 of the Pension Schemes Act 2017 (decision on application), 65 pence per member, and
(ii) in any other case, £1.80 per member. ”
Amendment of the Occupational Pension Schemes (Master Trusts) Regulations 2018
4. In regulation 23 of the Occupational Pension Schemes (Master Trusts) Regulations 2018 (fraud compensation)( 4 ), omit paragraph (2)(c).
Signed by authority of the Secretary of State for Work and Pensions
Guy Opperman
Parliamentary Under Secretary of State
Department
8th March 2022
2004 c. 35 . See section 318(1) for the definitions of “prescribed” and “regulations”.
S.I. 2006/558 is amended by S.I. 2011/672 .