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The Occupational Pension Schemes (Levy Ceiling) Order 2006

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2006, ISBN 0110740092

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under section 316(2)(f) of the Pensions Act 2004, for approval by resolution of each House of Parliament.

Pensions

Made 2006

Coming into force in accordance with article 1

This Order is made in exercise of the powers conferred by sections 178(1) and 315(2) of the Pensions Act 2004f1.

A draft of this instrument has been laid before Parliament in accordance with section 316(2)(f) of that Act and approved by a resolution of each House of Parliament.

Accordingly the Secretary of State for Work and Pensions, with the approval of the Treasuryf2, makes the following Order:

Annotations to the whole text

Footnotes

f1

2004 c.35.

f2

See section 178(2) of the Pensions Act 2004 which provides that an order under subsection (1) in respect of the first financial year for which levies are imposed under section 175 may be made only with the approval of the Treasury.

Contents

  1. 1Citation and commencement
  2. 2The levy ceiling
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Occupational Pension Schemes (Levy Ceiling) Order 2006 and shall come into force on the day after the day on which it is made.

2The levy ceiling

For the purposes of section 177 of the Pensions Act 2004 (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2006 is £775,000,000.

Signature

Signed by authority of the Secretary of State for Work and Pensions.

Minister of State,

Department for Work and Pensions

2006

We approve.

Two of the Lords Commissioners of Her Majesty’s Treasury

2006

Explanatory note

(This note is not part of the Order)

This Order specifies, for the purposes of section 177 of the Pensions Act 2004 (c.35) (“the Act”), the levy ceiling for the financial year beginning on 1st April 2006.

Section 175 of the Act provides that the Board of the Pension Protection Fund must impose pension protection levies for each financial year falling after the initial period (as defined by section 174 of the Act). Section 177 of the Act provides for the amount to be raised by the pension protection levies. By virtue of section 177(2) of the Act the amount of the levies for a financial year must not exceed the levy ceiling for that financial year. This Order specifies that the levy ceiling for the financial year beginning on 1st April 2006 is £775,000,000.

A Regulatory Impact Assessment of the impact on business, charities or the voluntary sector of the provisions of this Order has been carried out, and a copy placed in the libraries of both Houses of Parliament. Copies may be obtained from the Department for Work and Pensions, Better Regulation Unit, 4th floor, Adelphi, 1-11 John Adam Street, London WC2N 6HT.