Pensions Act 2014

45 Power to require pension levies to be paid in respect of past periods

(1) The Secretary of State may by regulations provide for the Pensions Act 2004, and regulations made under it, to have effect, so far as relating to the requirement to pay pension levy, as if the amendments made by the 2010 regulations had always had effect.

(2) Regulations under this section may in particular—

(a) modify the application of the Pensions Act 2004, or regulations made under it, in relation to amounts of pension levy required to be paid because of regulations under this section;

(b) provide for interest to be charged at a specified rate on such amounts (including in respect of periods before the coming into force of regulations under this section).

(3) In this section—

• “the 2010 regulations” means—

  (a)

  regulations 2, 3 and 8 of the Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), and

  (b)

  regulation 2 of the Occupational Pension Schemes (Levies) (Amendment) Regulations 2010 (S.I. 2010/1930);

• “pension levy” means—

  (a)

  a levy under regulations made under section 117 of the Pensions Act 2004 (administration levy),

  (b)

  a levy under regulations made under section 174 of that Act (initial levy), or

  (c)

  a levy under section 175 of that Act (pension protection levies).