Part 2The Board of the Pension Protection Fund
Chapter 1The Board
Financial matters
117Administration levy
1
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—
a
the trustees or managers of an eligible scheme, or
b
any other prescribed person.
3
An administration levy is payable at the prescribed rate and at prescribed times.
4
Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.
5
An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.
6
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—
a
the collection and recovery of amounts payable by way of levy under this section;
b
the circumstances in which any such amount may be waived.