PART III

THE BOARD OF THE PENSION PROTECTION FUND
CHAPTER 3

PENSION PROTECTION

The levies

Initial levy
157
1
Regulations must make provision for imposing a levy ( “the initial levy”) in respect of eligible schemes for the period ( “the initial period”) which—
a
begins with the day appointed for this purpose by the regulations, and
b
ends on the following 31st March or, if the regulations so provide, 12 months after the day referred to in sub-paragraph (a).
2
The regulations must prescribe—
a
the factors by reference to which the initial levy is to be assessed,
b
the rate of the levy, and
c
the time or times during the initial period when the levy, or any instalment of the levy, becomes payable.
3
Regulations under this Article may only be made with the approval of the Department of Finance and Personnel.
Pt. III (arts. 101-199) applied by S.R. 2005/55, reg. 2A (as inserted (8.3.2010) by Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 (S.R. 2010/32), reg. 2(4))
Pt. III modified by S.R. 2005/55 (as amended) (30.4.2013) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/95), regs. 1(2), 3
Pt. III amendment to earlier affecting provision S.R. 2005/91 (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 2