SCHEDULES
SCHEDULE 10Interest on late payment of levies
Pensions Act 2004 (c. 35)
3
After 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.