Life insurance premiums are the same amount each year and do not increase as age increases. The premiums charged in the early years are more than sufficient to cover the mortality risk and so contribute to a reserve. In later years the reserve is used at a time when the level annual premium is insufficient to cover the mortality risk.

1. General levy is paid by all occupational and personal pension schemes covered by the Pension Scheme Registry. The amount depends on the number of members. This levy funds the Registry, the Pensions Ombudsman and Opra, including grants made by Opra to OPAS. 2. The compensation levy is a part of the levy paid by the occupational pension schemes eligible for compensation. It pays the compensation and expenses of the Pensions Compensation Board.