C1PART IIITHE BOARD OF THE PENSION PROTECTION FUND

Annotations:
Modifications etc. (not altering text)

CHAPTER 3PENSION PROTECTION

The levies

Initial levy157

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 sub-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 Article may only be made with the approval of the Department of Finance and Personnel.