The Pension Protection Fund (Waiver of Pension Protection Levy and Consequential Amendments) Regulations (Northern Ireland) 2007

Waiver of pension protection levy

3.—(1) In respect of any financial year the Board may, in the circumstances specified in any paragraph of regulation 4, waive the amount payable by way of either or both—

(a) the risk-based pension protection levy imposed in respect of a scheme;

(b) the scheme-based pension protection levy imposed in respect of a scheme.

(2) Paragraph (1) is subject to the restrictions specified in regulations 6 and 7.

(3) A waiver may be granted under paragraph (1)—

(a) in the case of a scheme falling within regulation 4(1), either on an application under regulation 5 or of the Board’s own initiative;

(b) in any other case, only on an application under regulation 5.

(4) Where the Board receives an application for the grant of a waiver in respect of a scheme , it must determine the application as soon as reasonably practicable and—

(a) if it grants the waiver, it must issue a notice of it and give a copy of the notice to the trustees or managers of the scheme, or

(b) if it refuses to grant the waiver, it must give the trustees or managers of the scheme notice of the refusal.

(5) A notice under paragraph (4) must be in writing and, in the case of a refusal to grant the waiver, must state the Board’s reasons.

(6) The Board may request such additional information from the applicant as it reasonably requires for the purpose of making a determination under paragraph (4).