# The Pension Protection Fund (Miscellaneous Amendments) Regulations 2010, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend:
the Pensions Act 2004 (c.35) (“the 2004 Act”),
the Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations 2005 (S.I. 2005/669) (“the Review Regulations”),
the Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670) (“the Compensation Regulations”), and
the Pension Protection Fund (General and Miscellaneous Amendments) Regulations 2006 (S.I. 2006/580) (“the General Regulations”).
Regulation 2 amends the 2004 Act. Where interest is charged on the late payment of a pension protection levy, the Board of the Pension Protection Fund (“the Board”) may waive the interest. The amendment made by this regulation provides that decisions on waiving interest may be challenged by way of review, reconsideration and appeal to the Pension Protection Fund Ombudsman.
Regulation 3 amends the Review Regulations to specify the persons who may bring such a challenge to the Board’s decisions on waiving interest.
Regulation 4 amends the Compensation Regulations. The amendments made by paragraph (2) change the circumstances in which Pension Protection Fund compensation can be paid early. They raise the minimum age a person can become entitled to early payments, reduce the information a person has to provide to the Board and enable the Board to make early payments more quickly.
Regulation 4(4) inserts regulations 26 and 27 into the Compensation Regulations which provide for modifications to provisions in Schedule 7 to the 2004 Act in relation to career average revalued earnings schemes, or schemes where part of pension entitlement is determined on a career average revalued earnings basis. (Paragraph (3) makes a consequential amendment.)
Regulation 5 amends the General Regulations. The amendments make provision for interest to be charged where there is late payment of a pension protection levy. In particular, they set out when interest arises, the rate of interest, how interest is calculated and the circumstances in which the Board can waive interest.
A full impact assessment has not been produced for the provisions in regulation 4 as they have no impact on the private or voluntary sectors. An assessment of the impact on private and voluntary sector pension schemes of the provisions in regulations 2, 3 and 5 is included in the impact assessment that accompanied the Pensions Act 2008 (c.30). Copies of that assessment are available from the libraries of both Houses of Parliament and may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, 6B Caxton House, Tothill Street, London SW1H 9NA or from the DWP website: http://www.dwp.gov.uk/resourcecentre/ria.asp.

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Source: https://www.legislation.gov.uk/uksi/2010/560/note (the official version)
Page: https://openlegislation.uk/pension-protection-fund-miscellaneous-amendments-regulations-2010/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.