175 Pension protection levies

175  Pension protection levies

(1)     For each financial year falling after the initial period, the Board must impose both of the following—

(a)     a risk-based pension protection levy in respect of all eligible schemes;

(b)     a scheme-based pension protection levy in respect of eligible schemes.

In this Chapter “pension protection levy” means a levy imposed in accordance with this section.

(2)     For the purposes of this section—

(a)     a risk-based pension protection levy is a levy assessed by reference to—

(i)     the difference between the value of a scheme's assets (disregarding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) and the amount of its protected liabilities,

(ii)     except in relation to any prescribed scheme or scheme

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