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2014 No. 2939 Pensions The Payment of Pension Levies for Past Periods Regulations 2014 Made 10th November 2014 Laid before Parliament 17th November 2014 Coming into force 8th December 2014 The Secretary of State for Work and Pensions, in exercise of the powers conferred by section 45(1) and (2)(b) and section 54(5) and (6) of the Pensions Act 2014, makes the following Regulations.
Propose a changeThese Regulations may be cited as the Payment of Pension Levies for Past Periods Regulations 2014 and shall come into force on 8th December 2014.
Propose a changeSo far as relating to the requirement to pay pension levy, the Pensions Act 2004, and regulations made under it, shall have effect as if the amendments made by the 2010 regulations had always had effect.
Propose a change(1) This regulation applies to any amount of pension levy which becomes payable as a consequence of the coming into force of regulation 2. (2) Any amount to which this regulation applies carries interest for the period beginning with the date on which that amount would have become due if the amendments made by the 2010 regulations had always had effect (“interest start date”) and ending on the date on which payment of that amount is made. (3) Interest to be added to any amount to which this regulation applies shall be compound interest calculated at the rates specified in paragraphs (4) to (7) with yearly rests. (4) The rate of interest to be applied for the period beginning with the interest start date for the first year is that set out in column (c) of Table 1 next to the period as set out in columns (a) and (b) within which the interest start date falls. (5) On each anniversary of the interest start date, where any anniversary of the interest start date falls on or before 31st October 2014, the rate of interest to be applied for the year from that anniversary date is that set out in column (c) of Table 1 next to the period as set out in columns (a) and (b) within which the anniversary date falls. (6) Where any anniversary of the interest start date falls after 31st October 2014, the interest rate to be applied during the year from that anniversary date is the EU recovery interest rate. (7) For the purposes of paragraph (6), “EU recovery interest rate” means the rate referred to in Article 9 of Commission Regulation (EC) No 794/2004 (as it had effect in the United Kingdom immediately prior to IP completion day). Table 1 Column (a) From | Column (b) To | Column(c) Interest Rate% 1st January 2005 | 31st December 2005 | 5.81 1st January 2006 | 31st December 2006 | 5.33 1st January 2007 | 30th September 2007 | 5.90 1st October 2007 | 31st December 2007 | 6.83 1st January 2008 | 13th April 2008 | 6.29 14th April 2008 | 30th June 2008 | 6.60 1st July 2008 | 31st December 2008 | 6.66 1st January 2009 | 31st January 2009 | 6.70 1st February 2009 | 28th February 2009 | 5.81 1st March 2009 | 31st March 2009 | 4.58 1st April 2009 | 31st May 2009 | 3.84 1st June 2009 | 31st July 2009 | 3.20 1st August 2009 | 30th September 2009 | 2.85 1st October 2009 | 30th November 2009 | 2.53 1st December 2009 | 31st December 2009 | 2.20 1st January 2010 | 30th June 2010 | 2.16 1st July 2010 | 31st December 2010 | 2.35 1st January 2011 | 31st December 2011 | 2.48 1st January 2012 | 31st October 2012 | 2.74 1st November 2012 | 31st December 2012 | 2.46 1st January 2013 | 31st March 2013 | 2.19 1st April 2013 | 31st December 2013 | 1.99 1st January 2014 | 30th September 2014 | 1.88 1st October 2014 | 31st October 2014 | 2.04
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