Regulation 20 Schemes that are eligible schemes for part of a financial year

F1(1)

Where a scheme—

(a)

is an eligible scheme on the first day of a financial year; and

(b)

ceases to be an eligible scheme during that financial year,

section 181(5) of the Act (amount of the levy payable in respect of a scheme which is an eligible scheme for only part of the period for which the levy is imposed) does not apply to that scheme and the full amount of the levy is payable.

F2(2)

Where a scheme—

(a)

is not an eligible scheme on the first day of a financial year; and

(b)

becomes an eligible scheme during that financial year by virtue of—

(i)

regulation 2(1A) of the Pension Protection Fund (Entry Rules) Regulations 2005 (schemes which are not eligible schemes), or

(ii)

regulation 2A of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (schemes to which paragraph (1) of regulation 2 does not apply),

section 181(5) of the Act does not apply to the scheme and the full amount of the levy is payable.

Annotations

Textual amendments

F1: Reg. 20(1): reg. 20 renumbered as reg. 20(1) (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 8(a)
F2: Reg. 20(2) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 8(b)