Section 177 Amounts to be raised by the pension protection leviesC2C3C1
England, Wales and Scotland
Subsections (1) to (5) apply where the Board decides to impose one or both of the pension protection levies for a financial year.
Before determining the pension protection levies to be imposed for F2the financial year, the Board must estimate the amount which will be raised by the levies it proposes to impose.
The Board must impose levies for F3the financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.
The pension protection levies imposed for F4the financial year must be in a form which the Board estimates will result in at least 80% of the amount raised by the levies for that year being raised by the risk-based pension protection levy.
The Board must impose pension protection levies for the financial year in a form which it estimates will raise an amount which does not exceed the sum of—
the amount estimated under subsection (1) in respect of any pension protection levies imposed for the previous financial year, and
25% of the levy ceiling for the previous financial year.
The Secretary of State may by order substitute a different percentage for the percentage for the time being specified in subsection (5).
Before making an order under subsection (6), the Secretary of State must consult such persons as he considers appropriate.
F7An order under subsection (6) may be made only with the approval of the Treasury.
Annotations
Textual amendments
- F1
S. 177(A1) inserted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(a), 133(11)(b); S.I. 2026/669, reg. 2
- F2
Words in s. 177(1) substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(b), 133(11)(b); S.I. 2026/669, reg. 2
- F3
Words in s. 177(2) substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(b), 133(11)(b); S.I. 2026/669, reg. 2
- F4
Words in s. 177(3) substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(b), 133(11)(b); S.I. 2026/669, reg. 2
- F5
S. 177(4) omitted (29.6.2026) by virtue of Pension Schemes Act 2026 (c. 22), ss. 123(7)(c), 133(11)(b); S.I. 2026/669, reg. 2
- F6
S. 177(5) substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(d), 133(11)(b); S.I. 2026/669, reg. 2
- F7
Words in s. 177(8) substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(7)(e), 133(11)(b); S.I. 2026/669, reg. 2
- F8
S. 177(9)(b) and word omitted (29.6.2026) by virtue of Pension Schemes Act 2026 (c. 22), ss. 123(7)(f), 133(11)(b); S.I. 2026/669, reg. 2
Modifications
- C1
Ss. 175-181 modified (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 for specified purposes in so far as not already in force) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 73-75
- C2
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
- C3
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11
Commencement
- I1
S. 177(1)-(3)(9)(a) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2
- I2
S. 177(4) in force at 1.9.2006 for specified purposes and 1.10.2006 in so far as not already in force by S.I. 2006/2272, art. 2(2)
- I3
S. 177(5)(8) in force at 1.9.2006 by S.I. 2006/2272, art. 2(1)
- I4
S. 177(9)(b) in force at 1.4.2006 by S.I. 2006/560, art. 2(2), Sch. Pt. 2
Notes on Part 2
Modifications
- C1
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except Ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72 (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(1)-(19); (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 2 (with reg. 10))
- C2
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)
- C3
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11 (as amended (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(3)-(5); (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(4)(5))
- C4
Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2
Notes on Chapter 3
Modifications
- C3
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1
Notes on Pension protection levies
Textual amendments
- F1
S. 174 cross-heading substituted (29.6.2026) by Pension Schemes Act 2026 (c. 22), ss. 123(3), 133(11)(b); S.I. 2026/669, reg. 2