Section 129
Prospective
1E+W+SAfter section 175 of the Pension Schemes Act 1993 (levies towards certain expenditure) insert—
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a levy imposed under section 175(1).
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Secretary of State.
(4)Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulatory Authority on the Secretary of State's behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
2E+W+SThe Pensions Act 2004 is amended as follows.
Commencement Information
I1Sch 10 para. 2 partly in force; para. 2 not in force at Royal Assent see s. 149(1); para. 2 in force for specified purposes at 26.2.2010 by S.I. 2010/467, art. 2(b)
Prospective
3E+W+SAfter section 117 (PPF administration levy) insert—
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Secretary of State.
(4)Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulator on the Secretary of State's behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
4E+W+SIn section 173 (Pension Protection Fund), after subsection (1)(b) insert—
“(ba)interest paid by virtue of section 181A (interest for late payment of pension protection levy),”.
5E+W+SAfter section 181 (calculation, collection and recovery of levies) insert—
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Board.
(4)Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
Prospective
6E+W+SIn section 188 (Fraud Compensation Fund), after subsection (1)(b) insert—
“(ba)interest paid by virtue of section 189A (interest for late payment of fraud compensation levy),”.
Prospective
7E+W+SAfter section 189 (fraud compensation levy) insert—
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a fraud compensation levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Board.
(4)Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
Prospective
8E+W+SIn section 209 (Ombudsman for the Board of the Pension Protection Fund), at the end add—
“(9)Where regulations make provision under subsection (7), section 117A (interest for late payment of administration levy) applies in relation to the levy as it applies in relation to an administration levy.”
Prospective
9E+W+SIn section 323(2)(b)(i) (provisions extending to Northern Ireland), for “subsections (7) and (8)” substitute “ subsections (7) to (9) ”.