Pensions Bill — 4 Nov 2004 at 14:45
<[i>Amendments Nos. 213 to 216 not moved.]
Clause 175 <[i>Amounts to be raised by the pension protection levies]:
<[i>Amendment No. 217 not moved.]
moved Amendment No. 217A:
Leave out Clause 175 and insert the following new Clause-
"AMOUNTS TO BE RAISED BY THE PENSION PROTECTION LEVIES
(1) Before determining the pension protection levies for any financial year after the initial period, the Board must estimate an amount which will reimburse as nearly as possible its total costs of administration and must determine the rate of scheme-based pension protection levy to raise that amount.
(2) The Board must also estimate the further amount to be raised by the risk-based pension protection levy it intends to impose.
(3) The Board must impose levies for a financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.
(4) The risk-based pension protection levy must amount to at least 80% of the total amounts estimated to be raised by both levies.
(5) The Board must notify the Secretary of State of its estimates and the levies it intends to impose at least three months before the beginning of each financial year in which those levies are to be imposed.
(6) In order to vary these proposed levies, the Secretary of State must lay regulations before Parliament before the start of the relevant financial year.
(7) For the first financial year after the initial period, regulations may modify subsection (3) so as to provide that the reference to the levy ceiling for the financial year is to be read as a reference to such lower amount as is prescribed.
(8) For the second year after the initial period and for any subsequent financial year, the Board must impose pension protection levies in a form which it estimates will raise an amount which does not exceed by more than 25% the aggregate of the amounts estimated under subsections (1) and (2) in respect of the pension protection levies imposed for the previous financial year.
(9) The Secretary of State may by order substitute a different percentage for the percentage for the time being specified in subsection (8).
(10) Before making an order under subsection (9) the Secretary of State must consult such persons as he considers appropriate.
(11) Regulations under subsection (7), or an order under subsection (9), may be made only with the approval of the Treasury.
(12) In this section "risk-based pension protection levy" and "scheme-based pension protection levy" are to be construed in accordance with section 173."
On Question, Whether the said amendment (No. 217A) shall be agreed to?
Their Lordships divided: Contents, 136; Not-Contents, 106.
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