Paragraph 14 Payment of Pension Levies for Past Periods Regulations 2014

The Payment of Pension Levies for Past Periods Regulations 2014^f1 are amended as follows.

In regulation 3(6), after “October 2014”, insert “but before exit day”.

After regulation 3(6), insert—

“(6A)

Where any anniversary of the interest start date falls on or after exit day, the interest rate to be applied during the year from that anniversary date is the CMA recovery interest rate.

(6B)

For the purposes of paragraph (6A), “CMA recovery interest rate” means the rate referred to in regulation 58(1) of the State Aid (EU Exit) Regulations 2019.”.

In regulation 3(7), after “794/2004”, insert “(as it had effect immediately before exit day)”.