Pensions (No. 2) Act (Northern Ireland) 2008

Section 104.

SCHEDULE 9 INTEREST ON LATE PAYMENT OF LEVIES

The Pension Schemes (Northern Ireland) Act 1993 (c. 49)

1.  After section 170 of the Pension Schemes Act (levies towards certain expenditure) insert—

“170A.    Levies: 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 170(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 Department.

(4) Interest is recoverable by the Department or, if the Department so determines, by the Regulatory Authority on the Department’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.”.

The Pensions (Northern Ireland) Order 2005 (NI 1)

2.  The 2005 Order is amended as follows.

3.  After Article 103 (PPF administration levy) insert—

“Administration levy: interest for late payment

103A.— (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 Article is a debt due from the person to the Department.

(4) Interest is recoverable by the Department or, if the Department so determines, by the Regulator on the Department’s behalf.

(5) Without prejudice to the generality of paragraph (1), regulations under this Article may include provision relating to—

(a) the collection and recovery of interest;

(b) the circumstances in which interest may be waived.”.

4.  After Article 164 (calculation, collection and recovery of levies) insert—

“Pension protection levy: interest for late payment

164A.— (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 Article 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 paragraph (1), regulations under this Article may include provision relating to—

(a) the collection and recovery of interest;

(b) the circumstances in which interest may be waived.”.

5.  After Article 171 (fraud compensation levy) insert—

“Fraud compensation levy: interest for late payment

171A.— (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 Article 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 paragraph (1), regulations under this Article may include provision relating to—

(a) the collection and recovery of interest;

(b) the circumstances in which interest may be waived.”.

6.  In Article 191 (the PPF Ombudsman) at the end add—

“(5) Where regulations make provision under paragraph (3), Article 103A (interest for late payment of administration levy) applies in relation to the levy as it applies in relation to an administration levy.”.