The Pension Protection Fund (Levy Ceiling) Regulations 2006

• Citation: S.I. 2006/2692
• Sections: 5

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Pension Protection Fund (Levy Ceiling) Regulations 2006 and shall come into force on 6th November 2006.

(2) In these Regulations, “ the Act ” means the Pensions Act 2004 .

Section 2 Amounts to be raised by the pension protection levies in 2007-2008

For the first financial year after the transitional period , the reference in section 177(2) of the Act (amounts to be raised by the pension protection levies) to “the levy ceiling for the financial year” shall be read as if it were a reference to “£718,750,000”.

Section 3 Prescribed date for the purposes of section 178 of the Act

For the purposes of the definition of “review period” in section 178(4) of the Act (the levy ceiling), the date in the previous financial year on which the period of 12 months ended is 31st July.

Section 4 Prescribed period for the purposes of section 178 of the Act

For the purposes of section 178(7) of the Act, the period before the beginning of which the Secretary of State must discharge the duties imposed by section 178(5) and (6) of the Act in respect of a review period is the period which begins on 1st March and which ends at the time the first financial year after the review period begins.

Section 5 Manner of consultation

The prescribed manner for the consultation required under section 178(9) of the Act is that—

(a) the Board shall set out in a consultation document the methods it proposes to use in order to decide on its recommendation to the Secretary of State under section 178(8) of the Act;

(b) the Board shall publish the consultation document—

(i) on the Pension Protection Fund website ; and

(ii) where any person so requests, in a paper format provided by the Board to that person; and

(c) the Board shall publish a summary of non-confidential responses received in relation to that consultation, and its responses to those responses—

(i) on the Pension Protection Fund website; and

(ii) where any person so requests, in a paper format provided by the Board to that person.