Section 189: Fraud compensation levy
691.Subsection (1) of this section provides that the Board may impose a fraud compensation levy on occupational pension schemes which are eligible for fraud compensation.
692.Subsection (3) provides that the levy is payable to the Board by or on behalf of the trustees or managers or other prescribed person. Subsection (4) states that a compensation levy must be paid at a time and rate determined by the Board, but must not exceed the prescribed rate. When calculating the levysubsection (5) permits the Board to take into account estimated current and future expenditure as well as actual expenditure already incurred. Subsection (6) requires the Board to notify prescribed persons of the levy payable.
693.Subsection (7) sets out that the Board must determine the schemes to which the levy will apply. It must calculate the amount of the levy in respect of those schemes and notify any person liable to pay it of the amount and dates on which it is payable.
694.Subsection (8) enables the Board to delegate its functions under subsection (7) to the Regulator.
695.Subsections (9) and (10) provide that the amount of levy payable under this section is a debt due to the Board and is recoverable by the Board or by the Regulator on its behalf.
696.Further provision may be made through regulations for the Board to collect and recover the levy and the circumstances in which a levy may be waived.