C5C4C6C7Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C7

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C1C2C3Chapter 1The Board

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C2

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C3

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

Financial matters

117C2C1Administration levy

I21

Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—

a

expenditure of the Secretary of State relating to the establishment of the Board;

b

any expenditure of the Secretary of State under section 116.

2

An administration levy is payable to the Secretary of State by or on behalf of—

I3a

the trustees or managers of an eligible scheme, or

b

any other prescribed person.

I23

An administration levy is payable at the prescribed rate and at prescribed times.

I14

Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.

I35

An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.

I36

An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.

7

Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—

I2a

the collection and recovery of amounts payable by way of levy under this section;

I4b

the circumstances in which any such amount may be waived.