Pensions Bill

House of Commons

Session 2007 - 08
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Other Bills before Parliament

Pensions Bill

Pensions Bill
Schedule 8 — Interest on late payment of levies
95

Schedule 8
Section 107

Interest on late payment of levies
Pension Schemes Act 1993 (c. 48)
1
After section 175 of the Pension Schemes Act 1993 (levies towards certain
expenditure) insert—
5
“175A
Levies: interest for late payment
(1)
Regulations may make provision for interest to be charged at the
prescribed rate in the case of late payment of a levy imposed under
section 175(1).
(2)
Interest is payable by or on behalf of the person or persons by or on
10
behalf of whom the levy is payable.
(3)
Interest payable by a person by virtue of this section is a debt due
from the person to the Secretary of State.
(4)
Interest is recoverable by the Secretary of State or, if the Secretary of
State so determines, by the Regulatory Authority on the Secretary of
15
State’s behalf.
(5)
Without prejudice to the generality of subsection (1), regulations
under this section may include provision relating to—
(a)
the collection and recovery of interest;
(b)
the circumstances in which interest may be waived.”
20
Pensions Act 2004 (c. 35)
2
The Pensions Act 2004 is amended as follows.
3
After section 117 (PPF administration levy) insert—
“117A
Administration levy: interest for late payment
(1)
Regulations may make provision for interest to be charged at the
25
prescribed rate in the case of late payment of an administration levy.
(2)
Interest is payable by or on behalf of the person or persons by or on
behalf of whom the levy is payable.
(3)
Interest payable by a person by virtue of this section is a debt due
from the person to the Secretary of State.
30
(4)
Interest is recoverable by the Secretary of State or, if the Secretary of
State so determines, by the Regulator on the Secretary of State’s
behalf.
(5)
Without prejudice to the generality of subsection (1), regulations
under this section may include provision relating to—
35
(a)
the collection and recovery of interest;
(b)
the circumstances in which interest may be waived.”
4
In section 173 (Pension Protection Fund) after subsection (1)(b) insert—
“(ba)
interest paid by virtue of section 181A (interest for late
payment of pension protection levy),”.
40

Pensions Bill
Schedule 8 — Interest on late payment of levies
96

5
After section 181 (calculation, collection and recovery of levies) insert—
“181A
Pension protection levy: interest for late payment
(1)
Regulations may make provision for interest to be charged at the
prescribed rate in the case of late payment of a pension protection
levy.
5
(2)
Interest is payable by or on behalf of the person or persons by or on
behalf of whom the levy is payable.
(3)
Interest payable by a person by virtue of this section is a debt due
from the person to the Board.
(4)
Interest is recoverable by the Board or, if the Board so determines, by
10
the Regulator on its behalf.
(5)
Without prejudice to the generality of subsection (1), regulations
under this section may include provision relating to—
(a)
the collection and recovery of interest;
(b)
the circumstances in which interest may be waived.”
15
6
In section 188 (Fraud Compensation Fund) after subsection (1)(b) insert—
“(ba)
interest paid by virtue of section 189A (interest for late
payment of fraud compensation levy),”.
7
After section 189 (fraud compensation levy) insert—
“189A
Fraud compensation levy: interest for late payment
20
(1)
Regulations may make provision for interest to be charged at the
prescribed rate in the case of late payment of a fraud compensation
levy.
(2)
Interest is payable by or on behalf of the person or persons by or on
behalf of whom the levy is payable.
25
(3)
Interest payable by a person by virtue of this section is a debt due
from the person to the Board.
(4)
Interest is recoverable by the Board or, if the Board so determines, by
the Regulator on its behalf.
(5)
Without prejudice to the generality of subsection (1), regulations
30
under this section may include provision relating to—
(a)
the collection and recovery of interest;
(b)
the circumstances in which interest may be waived.”
8
In section 209 (Ombudsman for the Board of the Pension Protection Fund) at
the end add—
35
“(9)
Where regulations make provision under subsection (7), section
117A (interest for late payment of administration levy) applies in
relation to the levy as it applies in relation to an administration levy.”
9
In section 323(2)(b)(i) (provisions extending to Northern Ireland) for
“subsections (7) and (8)” substitute “subsections (7) to (9)”.
40

Pensions Bill
Schedule 9 — Repeals
Part 2 — Safeguarded rights
97

Schedule 9
Section 118

Repeals
Part 1
Pension scheme membership for jobholders

Title
Extent of repeal

5

Welfare Reform and Pensions
In section 3—

Act 1999 (c. 30)
(a)
subsections (2) to (4);

(b)
in subsection (5), “fourth” and the words

from “of his” to “qualifying scheme”;

(c)
subsection (6);

10

(d)
subsection (8)(a)(ii) and (iii);

(e)
in subsection (9), the definitions of

“qualifying scheme” and “relevant

employees”.

Section 6(1).

15

In section 8(1), the definition of “designated

scheme”.

Employment Relations Act 2004
Section 41(1) and (2).

(c. 24)

Pensions Act 2004 (c. 35)
In section 80(1)(a)(iii), “or”.

20

Pensions Act 2007 (c. 22)
Section 21.

Part 2
Safeguarded rights

Title
Extent of repeal

Pension Schemes Act 1993
In section 50(1)—

25

(c. 48)
(a)
paragraph (a)(iii);

(b)
in paragraph (b), the words “, or

safeguarded,”.

In section 52—

(a)
subsection (2A)(c);

30

(b)
in subsection (3)(b), the words “, or

safeguarded,” (in both places).

Sections 68A to 68D.

In section 181(1), the definition of “safeguarded

rights”.

35

Welfare Reform and Pensions
Section 36.

Act 1999

Pensions Bill
Schedule 9 — Repeals
Part 4 — Pension compensation
98

Title
Extent of repeal

Welfare Reform and Pensions
In section 40—

Act 1999—cont.
(a)
subsection (2)(b) and the word “and”

preceding it;

(b)
in subsection (3), in the definition of

5

“relevant pension credit”, the words “or,

as the case may be, the safeguarded

rights”;

(c)
in that subsection, the definition of

“safeguarded rights”.

10

In Schedule 5, paragraph 7(2) and (6).

In Schedule 12—

(a)
paragraphs 29 and 30;

(b)
paragraph 41(b).

Proceeds of Crime Act 2002
In Schedule 11, paragraph 22(5).

15

(c. 29)

Pensions Act 2007 (c.22)
In Schedule 4—

(a)
paragraph 27;

(b)
paragraph 40.

Part 3
20
Financial assistance scheme

Title
Extent of repeal

Pensions Act 2004 (c. 35)
In section 286(2) the definition of “scheme’s

pension liabilities” and the words from “and

a qualifying pension scheme” to the end.

25
Part 4
Pension compensation

Title
Extent of repeal

Matrimonial Causes Act 1973
In section 25E(9), the definition of “PPF

(c. 18)
compensation”.

30

In section 31(2)(dd), at the end of sub-paragraph

(i), the word “or”.

Family Law (Scotland) Act 1985
Section 8(4A).

(c. 37)

Pensions Bill
Schedule 9 — Repeals
Part 5 — Miscellaneous
99

Title
Extent of repeal

Civil Partnership Act 2004
In Schedule 5—

(c. 33)
(a)
at the end of paragraph 20(a)(iii), the

word “or”;

(b)
at the end of paragraph 21(1)(c), the

5

word “or”;

(c)
at the end of paragraph 23(1)(c), the

word “or”;

(d)
paragraph 30(3);

(e)
at the end of paragraph 50(1)(f)(i), the

10

word “or”.

In Schedule 7, in paragraph 10(9)(c), the words

“Part 7 of”.

Part 5
Miscellaneous
15

Title
Extent of repeal

Social Security Pensions Act
In section 59(5ZA) the words from “but this

1975 (c. 60)
subsection” to the end.

Pensions Act 1995 (c. 26)
In section 7(3), at the end of paragraph (b), the

word “or”.

20