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There are currently no known outstanding effects for the The Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006.
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(This note is not part of the Regulations)
These Regulations make provision for when a fraud compensation levy (“the levy”) is imposed on occupational pension schemes under section 189 of the Pensions Act 2004 (c. 35) (“the Act”). The levy is payable in order to meet expenditure payable out of the Fraud Compensation Fund (see section 188(3) of the Act for list of expenditure allowed). The Board of the Pension Protection Fund decides the amount of expenditure in respect of which the levy is to be imposed.
Regulation 3 provides for the imposition of the levy on the reference day and the maximum rate of the levy. Regulation 4 defines the reference day.
Regulation 5 provides for the times when the levy is payable.
Regulation 6 makes provision relating to levy notices.
Regulation 7 makes provision relating to the circumstances in which any amount payable by way of levy may be waived.
Regulations 8 and 9 make provision in relation to any scheme which is a multi-employer scheme or has a partial guarantee from a relevant public authority.
Regulation 10 makes provision to avoid duplication of payments where the levy is payable under corresponding provisions which have effect in Northern Ireland.
Regulation 11 sets out the civil penalties the Regulator may impose where the levy has not been paid.
Regulation 12 amends the Occupational Pension Schemes (Employer Debt) Regulations 2005 (S.I. 2005/678) so that any unpaid levy in respect of a money purchase scheme will be treated as a debt due from the employer to the trustees or managers of the scheme.
As regulations 2 to 10 are made before the expiry of the period of six months beginning with the coming into force of the provisions of the Act by virtue of which they are made and regulation 11 is consequential upon the commencement of section 189 of the Act, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply. However a consultation exercise has nevertheless taken place.
A full regulatory impact assessment has not been produced for this instrument as it has no new impact on the costs to business, charities or the voluntary sector.
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