Section 129
SCHEDULE 10Interest on late payment of levies
Pension Schemes Act 1993 (c. 48)
1After section 175 of the Pension Schemes Act 1993 (levies towards certain expenditure) insert—
“175ALevies: interest for late payment
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a levy imposed under section 175(1).
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Secretary of State.
(4)Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulatory Authority on the Secretary of State’s behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
Pensions Act 2004 (c. 35)
2The Pensions Act 2004 is amended as follows.
3After section 117 (PPF administration levy) insert—
“117AAdministration levy: interest for late payment
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Secretary of State.
(4)Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulator on the Secretary of State’s behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
4In section 173 (Pension Protection Fund), after subsection (1)(b) insert—
“(ba)interest paid by virtue of section 181A (interest for late payment of pension protection levy),”.
5After section 181 (calculation, collection and recovery of levies) insert—
“181APension protection levy: interest for late payment
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Board.
(4)Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
6In section 188 (Fraud Compensation Fund), after subsection (1)(b) insert—
“(ba)interest paid by virtue of section 189A (interest for late payment of fraud compensation levy),”.
7After section 189 (fraud compensation levy) insert—
“189AFraud compensation levy: interest for late payment
(1)Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a fraud compensation levy.
(2)Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3)Interest payable by a person by virtue of this section is a debt due from the person to the Board.
(4)Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5)Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”
8In section 209 (Ombudsman for the Board of the Pension Protection Fund), at the end add—
“(9)Where regulations make provision under subsection (7), section 117A (interest for late payment of administration levy) applies in relation to the levy as it applies in relation to an administration levy.”
9In section 323(2)(b)(i) (provisions extending to Northern Ireland), for “subsections (7) and (8)” substitute “subsections (7) to (9)”.