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293 | Page 115, line 35, leave out from “rules” to “if” in line 36 |
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294 | Page 115, line 41, leave out “a pension protection levy or” and insert “pension |
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295 | Page 116, line 6, leave out “a levy or” |
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296 | Page 116, line 9, leave out “levy or” |
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297 | Page 116, line 12, leave out “any pension protection levy” and insert “the pension |
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298 | Leave out Clause 168 and insert the following new Clause— |
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| | “Amounts to be raised by the pension protection levies |
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| | (1) | Before determining the pension protection levies for any financial year |
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| | after the initial period, the Board must estimate an amount which will |
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| | reimburse as nearly as possible its total costs of administration and must |
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| | determine the rate of scheme-based pension protection levy to raise that |
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| | |
| | (2) | The Board must also estimate the further amount to be raised by the risk- |
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| | based pension protection levy it intends to impose. |
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| | (3) | The Board must impose levies for a financial year in a form which it |
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| | estimates will raise an amount not exceeding the levy ceiling for the |
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| | |
| | (4) | The risk-based pension protection levy must amount to at least 80% of the |
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| | total amounts estimated to be raised by both levies. |
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| | (5) | The Board must notify the Secretary of State of its estimates and the levies |
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| | it intends to impose at least three months before the beginning of each |
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| | financial year in which those levies are to be imposed. |
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| | (6) | In order to vary these proposed levies, the Secretary of State must lay |
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| | regulations before Parliament before the start of the relevant financial year. |
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| | (7) | For the first financial year after the initial period, regulations may modify |
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| | subsection (3) so as to provide that the reference to the levy ceiling for the |
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| | financial year is to be read as a reference to such lower amount as is |
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| | |
| | (8) | For the second year after the initial period and for any subsequent financial |
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| | year, the Board must impose pension protection levies in a form which it |
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| | estimates will raise an amount which does not exceed by more than 25% |
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| | the aggregate of the amounts estimated under subsections (1) and (2) in |
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| |
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| | respect of the pension protection levies imposed for the previous financial |
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| | |
| | (9) | The Secretary of State may by order substitute a different percentage for the |
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| | percentage for the time being specified in subsection (8). |
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| | (10) | Before making an order under subsection (9), the Secretary of State must |
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| | consult such persons as he considers appropriate. |
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| | (11) | Regulations under subsection (7), or an order under subsection (9), may be |
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| | made only with the approval of the Treasury. |
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| | (12) | In this section “risk-based pension protection levy” and “scheme-based |
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| | pension protection levy” are to be construed in accordance with section |
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299 | Page 117, line 11, leave out “a levy is or” |
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300 | Page 117, line 14, leave out “a levy is or” |
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301 | Page 117, line 18, leave out “a levy is or” |
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302 | Page 118, line 8, after “Board” insert “or the Regulator on the Board’s behalf” |
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303 | Page 118, line 20, leave out “, a person with prescribed qualifications” and insert |
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| | |
| | (i) | a person with prescribed qualifications or experience, or |
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| | (ii) | a person approved by the Secretary of State” |
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304 | Page 118, line 30, leave out “which limits the amount of its” and insert “rules which |
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| | limits the amount of the scheme’s” |
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305 | Page 118, line 34, at end insert “rules” |
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306 | Page 119, line 3, at end insert— |
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| | “( ) | If the transitional period begins with a date other than 1st April, |
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| | regulations may provide that any provision of this section or of sections 166 |
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| | to 170 applies, with such modifications as may be prescribed, in relation |
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| | |
| | (a) | the period beginning at the same time as the transitional period and |
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| | ending with the following 31st March, and |
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| | (b) | the financial year which begins immediately after that period.” |
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307 | Page 119, line 20, leave out “a financial year” and insert “the period for which the |
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308 | Page 119, line 22, leave out “year” and insert “period” |
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309 | Page 119, line 23, leave out “the year” and insert “that period” |
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310 | Page 120, line 14, leave out from “event,” to “and” in line 16 and insert “a scheme |
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| | failure notice has been issued under section 116(2)(a) in relation to the scheme and |
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| | that notice has become binding,” |
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311 | Page 120, line 17, leave out paragraph (c) and insert— |
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| | “(c) | a cessation event has not occurred in relation to the scheme in |
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| | respect of a cessation notice which has been issued during the |
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| | |
| | (i) | beginning with the occurrence of the insolvency event, and |
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| | (ii) | ending immediately before the issuing of the scheme failure |
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| | notice under section 116(2)(a), |
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| | | and the occurrence of such a cessation event in respect of a cessation |
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| | notice issued during that period is not a possibility.” |
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312 | Page 120, line 25, leave out from “a” to end of line 27 and insert “scheme failure |
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| | notice under section 122(2) in relation to the scheme and that notice has become |
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| | |
313 | Page 120, line 37, at end insert “and that notice has become binding” |
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314 | Page 121, line 4, leave out subsection (8) |
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315 | Page 121, line 17, at end insert “and” |
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316 | Page 121, line 21, leave out lines 21 to 24 and insert— |
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| | “(ii) | a cessation event has occurred in relation to the scheme in |
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| | respect of a cessation notice issued during the period— |
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| | (a) | beginning with the occurrence of the last insolvency |
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| | event which occurred before the current event, and |
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| | (b) | ending with the occurrence of the current event” |
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317 | Page 121, line 24, at end insert— |
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| | “( ) | For the purposes of this section— |
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| | (a) | a cessation event in relation to a scheme occurs when a cessation |
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| | notice in relation to the scheme becomes binding, |
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| | (b) | a “cessation notice” means— |
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| | (i) | a withdrawal notice issued in relation to the scheme under |
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| | section 116(2)(b) (scheme rescue has occurred), |
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| | (ii) | a withdrawal notice issued in relation to the scheme under |
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| | section 122(3) (scheme rescue has occurred), |
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| | (iii) | a withdrawal notice issued in relation to the scheme under |
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| | section (Withdrawal following issue of section 116(4) notice) (no |
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| | insolvency event has occurred or is likely to occur), |
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| | (iv) | a notice issued in relation to the scheme under section |
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| | 174(2)(b) (scheme rescue has occurred), or |
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| | (v) | a notice issued under section 116(4) (inability to confirm |
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| | status of scheme) in a case where the notice has become |
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| | binding and section (Withdrawal following issue of section |
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| | 116(4) notice) does not apply, |
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| | (c) | the occurrence of a cessation event in relation to a scheme in respect |
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| | of a cessation notice issued during a particular period (“the |
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| | specified period”) is a possibility until each of the following are no |
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| | |
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| |
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| | (i) | any cessation notice which has been issued in relation to the |
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| | scheme during the specified period; |
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| | (ii) | any failure to issue such a cessation notice during the |
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| | |
| | (iii) | any notice which has been issued by the Board under |
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| | Chapter 2 or 3 which is relevant to the issue of a cessation |
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| | notice in relation to the scheme during the specified period |
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| | or to such a cessation notice which has been issued during |
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| | that period becoming binding; |
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| | (iv) | any failure to issue such a notice as is mentioned in sub- |
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| | |
| | (d) | the issue of, or failure to issue, a notice is to be regarded as |
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| | |
| | (i) | during the period within which it may be reviewed by |
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| | |
| | (ii) | if the matter is so reviewed, until— |
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| | (a) | the review and any reconsideration, |
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| | (b) | any reference to the PPF Ombudsman in respect of |
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| | |
| | (c) | any appeal against his determination or directions, |
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| | | has been finally disposed of.” |
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318 | Page 121, line 31, leave out “the event within” and insert “the issue of the scheme |
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| | failure notice under section 116(2)(a) mentioned in” |
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319 | Page 122, line 6, after second “as” insert “reasonably” |
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320 | Page 122, line 7, at end insert “reasonably” |
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321 | Page 122, line 14, at end insert— |
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| | “(3A) | For the purposes of this Chapter a notice issued under subsection (2) is not |
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| | |
| | (a) | the period within which the issue of the notice may be reviewed by |
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| | virtue of Chapter 6 has expired, and |
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| | (b) | if the issue of the notice is so reviewed— |
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| | (i) | the review and any reconsideration, |
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| | (ii) | any reference to the PPF Ombudsman in respect of the issue |
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| | |
| | (iii) | any appeal against his determination or directions, |
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| | | has been finally disposed of and the notice has not been revoked, |
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| | |
| | (3B) | Where a notice issued under subsection (2) becomes binding, the Board |
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| | must as soon as reasonably practicable give a notice to that effect together |
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| | with a copy of the binding notice to the persons to whom it is required to |
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| | give a copy notice under subsection (3). |
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| | (3C) | A notice under subsection (3B) must be in the prescribed form and contain |
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| | such information as may be prescribed.” |
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|
