New Clause 35: Pension Schemes Bill
New Clause 35 - Funding of the Board of the  Pension Protection Fund
“(1) The Pensions Act 2004 is amended in accordance with subsections (2) to (5).
(2) Omit section 116 (power of Secretary of State to pay grants to Board of Pension Protection Fund).
(3) Omit section 117 (power of Secretary of State to impose administration levy on pension schemes).
(4) In section 173 (Pension Protection Fund), in subsection (3), before paragraph (a) insert—
“(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Pension Protection Fund,”
(5) In section 188 (fraud compensation fund), in subsection (3), before paragraph (a) insert—
“(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Fraud Compensation Fund,”
(6) No amount is payable to the Secretary of State by virtue of section 117 of the Pensions Act 2004 (administration levy) in respect of the financial years beginning with 1 April 2023 and 1 April 2024.
(7) In the Pensions Act 2008, in Schedule 10 (interest on late payment of levies), omit paragraph 3 (which makes an amendment about interest for late payment of the administration levy that has not been brought into force).”—(Torsten Bell.)