Regulation 2 The levy on registrable schemes

(1)

Subject to regulation 5 of these Regulations, for the purpose of meeting some or all of the expenditure under section 57B, Part IVA and section 59K of the Act^f1 the trustees of every registrable scheme other than a paid up or frozen scheme shall be liable to pay a levy to the Secretary of State.

(2)

The levy shall be payable in respect of each registration year.

(3)

Any person who is responsible for the funding or management of a registrable scheme may discharge any liability which is imposed on the trustees of that scheme under paragraph (1) above by paying, in the manner and at the time required by these Regulations, the amount for which those trustees are liable.

(4)

If a registrable scheme—

(a)

commences after the beginning of a period in respect of which the levy is payable; or

(b)

is wound up or becomes a paid-up or frozen scheme during a period in respect of which the levy is payable;

the levy shall nevertheless be payable in full for that period.

Annotations

Footnotes

f1: Section 57B was inserted by paragraph 11 of Schedule 4 to the Social Security Act 1990; Part IVA was inserted by Schedule 3 to that Act and section 59K was inserted by section 13 to that Act.