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The Occupational Pension Schemes (Fraud Compensation Levy) Regulations (Northern Ireland) 2006
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- Northern Ireland Statutory Rules
- 2006 No. 85
- Regulation 3
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The fraud compensation levy
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
(b)not exceed 23 pence per member.
(4) Where a scheme becomes a registrable scheme during a financial year, any fraud compensation levy shall be calculated to reflect the proportion of that year during which the scheme is a registrable scheme.
(5) Where a scheme ceases to be a registrable scheme during a financial year, any fraud compensation levy payable is payable in full for that year.
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