Pensions Act 2008
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Change 1
SCHEDULE 10 Interest on late payment of levies
Section 129 Pensions Act 2004 (c. 35) 2 The Pensions Act 2004 is amended as follows. 4 In section 173 (Pension Protection Fund), after subsection (1)(b) insert— (ba) interest paid by virtue of section 181A (interest for late payment of pension protection levy), . 5 After section 181 (calculation, collection and recovery of levies) insert— Pension protection levy: interest for late payment 181A (1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy. (2) Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable. (3) Interest payable by a person by virtue of this section is a debt due from the person to the Board. (4) Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf. (5) Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to— (a) the collection and recovery of interest; (b) the circumstances in which interest may be waived.
SCHEDULE 10 Interest on late payment of levies
Section 129 Pensions Act 2004 (c. 35) 2 The Pensions Act 2004 is amended as follows. 4 In section 173 (Pension Protection Fund), after subsection (1)(b) insert— (ba) interest paid by virtue of section 181A (interest for late payment of pension protection levy), . 5 After section 181 (calculation, collection and recovery of levies) insert— Pension protection levy: interest for late payment 181A (1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy. (2) Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable. (3) Interest payable by a person by virtue of this section is a debt due from the person to the Board. (4) Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf. (5) Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to— (a) the collection and recovery of interest; (b) the circumstances in which interest may be waived.
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