C8C7C9C10Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C10

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C3C2C5Chapter 3Pension protection

Annotations:
Modifications etc. (not altering text)
C3

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C2

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C5

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

The levies

C4C3C2181C3C2Calculation, collection and recovery of levies

1

This section applies in relation to—

I2a

the initial levy imposed under section 174 in respect of a scheme, and

I3b

any pension protection levy imposed under section 175 in respect of a scheme.

2

The levy is payable to the Board by or on behalf of—

I2a

the trustees or managers of the scheme, or

b

any other prescribed person.

I23

The Board must in respect of the levy—

a

determine the schemes in respect of which it is imposed,

b

calculate the amount of the levy in respect of each of those schemes, and

c

notify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.

I24

The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (3) in respect of the levy.

I1C1C65

Where a scheme is an eligible scheme for only part of the period for which the levy is imposed, except in prescribed circumstances, the amount of the levy payable in respect of the scheme for that period is such proportion of the full amount as that part bears to that period.

I26

An amount payable by a person on account of the levy is a debt due from him to the Board.

I27

An amount so payable may be recovered—

a

by the Board, or

b

if the Board so determines, by the Regulator on its behalf.

I18

Regulations may make provision relating to—

a

the collection and recovery of amounts payable by way of any levy in relation to which this section applies;

b

the circumstances in which any such amount may be waived.