The Occupational and Personal Pension Schemes (Levy) Regulations (Northern Ireland) 1997

The compensation levy

5.—(1) Subject to paragraph (3), for the purpose of meeting the expenditure of the Compensation Board, the trustees of every registrable occupational pension scheme established by trust shall be liable to pay a levy to the Compensation Board.

(2) In these Regulations, the levy payable to the Compensation Board shall be referred to as “the compensation levy”.

(3) Paragraph (1) shall not apply in the case of—

(a) any occupational pension scheme referred to in sub-paragraphs (d) to (g) of regulation 2(1) of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations (Northern Ireland) 1997(1) (schemes to which the compensation provisions in Articles 79 to 83 do not apply); and

(b) any occupational pension scheme in respect of which the employer cannot become insolvent within the meaning given by section 119 (interpretation of Chapter II of Part VII).

(4) Subject to paragraph (3) and regulation 8, where, during a registration year, a scheme to which paragraph (1) applies—

(a) becomes a registrable scheme;

(b) ceases to be a registrable scheme; or

(c) is wound up,

the compensation levy shall nevertheless be payable in full for that year.

(1)

S.R. 1997 No. 141