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3.—(1) In respect of any financial year the Board may, in the circumstances specified in any paragraph of regulation 4, waive the amount payable by way of either or both—
(a)the risk-based pension protection levy imposed in respect of a scheme;
(b)the scheme-based pension protection levy imposed in respect of a scheme.
(2) But paragraph (1) is subject to the restrictions specified in regulations 6 and 7.
(3) A waiver may be granted under paragraph (1)—
(a)in the case of a scheme falling within regulation 4(1), either on an application under regulation 5 or of the Board’s own initiative;
(b)in any other case, only on an application under regulation 5.
(4) Where the Board receives an application for the grant of a waiver in respect of a scheme, it must determine the application as soon as reasonably practicable and—
(a)if it grants the waiver, it must issue a notice of it and give a copy of the notice to the trustees or managers of the scheme; or
(b)if it refuses to grant the waiver, it must give the trustees or managers notice of the refusal.
(5) A notice under paragraph (4) must be in writing and, in the case of a refusal to grant the waiver, must state the Board’s reasons.
(6) The Board may request such additional information from the applicant as it reasonably requires for the purpose of making a determination under paragraph (4).
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