The Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006

The fraud compensation levy

This adran has no associated Memorandwm Esboniadol

3.—(1) For the purposes of meeting expenditure payable out of the Fraud Compensation Fund, trustees or managers of schemes shall be liable to pay a fraud compensation levy in respect of each financial year.

(2) One fraud compensation levy only shall be payable in respect of each financial year.

(3) The fraud compensation levy payable shall—

(a)be payable by reference to the total number of members of the scheme on the reference day, and

[F1(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.]

(4) Where a scheme becomes a registrable scheme during a financial year, any fraud compensation levy payable shall be calculated to reflect the proportion of that year during which the scheme is a registrable scheme.

(5) Where during a financial year a scheme ceases to be a registrable scheme any fraud compensation levy payable is payable in full for that year.

Textual Amendments

Modifications etc. (not altering text)