Explanatory note

These Regulations prescribe the manner and publication requirements for the consultation required under section 176 of the Pensions Act 2004 (c. 35) (“the Act”). Section 176(1) provides that the Board of the Pension Protection Fund (“the Board”) must consult such persons as it considers appropriate before determining matters relating to the pension protection levies specified in section 175(5) of the Act.

Regulation 2 prescribes the manner of the consultation and provides that the Board shall include details of how it proposes to determine the matters relating to section 175(5) of the Act in the consultation document, that the Board shall publish the consultation document on its website and in paper format if so requested, and that the Board shall publish a summary of non-confidential responses it receives to the consultation in the same way.

Regulation 3 prescribes the manner of publication of details of any determination under section 175 of the Act. That regulation provides that those details shall be published on the Board’s website and in a paper format to any person upon request.

As these Regulations are made before the expiry of the period of six months beginning with the coming into force of the provisions of the Act by virtue of which they are made, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.