Regulation 4 Waiver of the administration levy

After regulation 7 of the Levies Regulations (schemes eligible for only part of the financial year) insert—

“Waiver of the administration levy

7A.

(1)

This regulation applies to an eligible scheme if, in respect of a financial year—

(a)

any amount payable by way of any pension protection levy in respect of the scheme is waived under regulations made under section 181(8)(b) of the 2004 Act; and

(b)

the scheme is not a scheme which is authorised under section 153 of the 2004 Act^f1 to continue as a closed scheme.

(2)

In respect of the same financial year, any amount payable by way of the administration levy in respect of the scheme is also waived.”.