Commentary on Sections Summary The Levy Section 180: Pension protection levies during the transitional period
656.Subsection (1) of this section allows for regulations to modify the provisions relating to the pension protection levies (as set out in section 175 and 177(2), 177(3)) for the “transitional period”. The transitional period will immediately follow the initial period in section 174 and will allow the Board the time it needs to implement a full risk-based levy.
657.Regulations may modify section 177(2) so that it applies in the transitional period as if its reference to the levy ceiling were a reference to a lower amount specified in the regulations. Subsection (2) states such modifications may only be made with the approval of the Treasury.