Office of Public Sector Information
SCHEDULE 9 continued
15 (1) The amendments made by paragraphs 2, 6 and 7 have effect in relation to any act occurring, or any failure to act first occurring, on or after 14 April 2008.
(2) The amendments made by paragraph 8 have effect—
(a) for the purposes of the material detriment test, where at least one of the acts or failures to act occurs or first occurs on or after 14 April 2008, and
(b) for all other purposes, where at least one of the acts or failures to act occurs or first occurs on or after the day on which this Act is passed.
(3) The amendments made by paragraphs 9 and 10 have effect in relation to any case where rights are transferred or extinguished on or after 14 April 2008.
(4) The amendment made by paragraph 14 has effect so as to enable the Pensions Regulator to issue a financial support direction under section 43 of the Pensions Act 2004 by reference to any time falling on or after 14 April 2008.
16 (1) In the case of the first set of regulations made under subsection (8) of section 39B of that Act, subsection (10)(a) of that section has effect as if for the words from “the date” to “the regulations” there were substituted “20 October 2008”.
(2) In the case of the first set of regulations made under subsection (8) of section 43B of that Act, subsection (10)(a) of that section has effect as if for the words from “the date” to “the regulations” there were substituted “20 October 2008”.
Section 129
1 After section 175 of the Pension Schemes Act 1993 (levies towards certain expenditure) insert—
(1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a levy imposed under section 175(1).
(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 Secretary of State.
(4) Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulatory Authority on the Secretary of State’s 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.”
2 The Pensions Act 2004 is amended as follows.
3 After section 117 (PPF administration levy) insert—
(1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration 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 Secretary of State.
(4) Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulator on the Secretary of State’s 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.”
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—
(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.”
6 In section 188 (Fraud Compensation Fund), after subsection (1)(b) insert—
“(ba) interest paid by virtue of section 189A (interest for late payment of fraud compensation levy),”.
7 After section 189 (fraud compensation levy) insert—
(1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a fraud compensation 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.”
8 In section 209 (Ombudsman for the Board of the Pension Protection Fund), at the end add—
“(9) Where regulations make provision under subsection (7), section 117A (interest for late payment of administration levy) applies in relation to the levy as it applies in relation to an administration levy.”
9 In section 323(2)(b)(i) (provisions extending to Northern Ireland), for “subsections (7) and (8)” substitute “subsections (7) to (9)”.
Pensions Act 2008