(1)Regulations must make provision for imposing a levy (“the initial levy”) in respect of eligible schemes for the period (“the initial period”) which—
(a)begins with the day appointed for this purpose by the regulations, and
(b)ends on the following 31st March or, if the regulations so provide, 12 months after the day referred to in paragraph (a).
(2)The regulations must prescribe—
(a)the factors by reference to which the initial levy is to be assessed,
(b)the rate of the levy, and
(c)the time or times during the initial period when the levy, or any instalment of the levy, becomes payable.
(3)Regulations under this section may only be made with the approval of the Treasury.
Modifications etc. (not altering text)
C1Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
C2Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11
Commencement Information
I1S. 174(1)-(3) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2
