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(1)For the purposes of meeting expenditure payable out of the Fraud Compensation Fund, regulations may provide for the imposition of a levy (“fraud compensation levy”) in respect of occupational pension schemes.
(2)Subsection (1) does not apply in relation to any scheme which is prescribed or of a description prescribed under section 182(1)(a) (schemes not eligible for fraud compensation).
(3)A fraud compensation levy imposed in respect of a scheme is payable to the Board by or on behalf of—
(a)the trustees or managers of the scheme, or
(b)any other prescribed person.
(4)A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board.
(5)In determining the amount of expenditure in respect of which a fraud compensation levy is to be imposed, the Board may take one year with another (and, in doing so, must have regard to expenditure estimated to be incurred in current or future periods and to actual expenditure incurred in previous periods).
(6)Notice of the rates determined by the Board under subsection (4) must be given to prescribed persons in the prescribed manner.
(7)The Board must in respect of any fraud compensation levy imposed under this section—
(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.
(8)The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (7) in respect of the levy.
(9)An amount payable by a person on account of a fraud compensation levy is a debt due from him to the Board.
(10)An amount so payable may be recovered—
(a)by the Board, or
(b)if the Board so determines, by the Regulator on its behalf.
(11)Without prejudice to the generality of subsection (1), (9) or (10), regulations under this section may include provision relating to—
(a)the collection and recovery of amounts payable by way of levy under this section;
(b)the circumstances in which any such amount may be waived.
Modifications etc. (not altering text)
C1Pt. 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
Commencement Information
I1S. 189(11)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2
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