Regulation 4 Liability for the levies

(1)

The trustees or managers of each eligible scheme are liable to pay a levy (“the administration levy”) to the Secretary of State in respect of the scheme for the purpose of meeting—

(a)

expenditure of the Secretary of State relating to the establishment of the Board;

(b)

any expenditure of the Secretary of State under section 116 of the 2004 Act.

(2)

The trustees or managers of each eligible scheme are liable to pay a levy (“the PPF Ombudsman levy”) to the Secretary of State in respect of the scheme for the purpose of meeting expenditure of the Secretary of State under section 209(6) of the 2004 Act.

(3)

Subject to paragraph (4), the levies are payable in respect of each financial year.

(4)

The PPF Ombudsman levy is not payable in respect of the financial year ending with 31st March 2006.

(5)

The levies in respect of a financial year are payable on the first day of that year, unless paragraph (6) applies.

(6)

If a scheme is not an eligible scheme on that day but becomes such a scheme during the financial year, the levies are payable on the day after that on which that year ends.