Commentary on Sections Summary The Levy Section 175: Pension protection levies
642.Subsection (1) requires the Board to impose a risk-based levy and a scheme-based levy in respect of eligible schemes for each financial year falling after the initial period as defined in section 174.
643.Subsection (2)(a) and (3) sets out the factors by reference to which the risk-based levy is to be assessed and subsection (2)(b) and (4) sets out the factors by reference to which the scheme-based levy is to be assessed.
644.Subsection (5) provides that before the beginning of each financial year the Board must determine:
	the factors to be used to assess the pension protection levies,
	the times by reference to which the levies are to be assessed,
	the rate of the levies, and
	the times when the levies become payable
645.Subsection (6) allows different risk factors, scheme factors or rates in respect of different schemes. Subsection (7) allows the rate to be nil in respect of a description of scheme.
646.The duty to impose these levies is subject to section 177 (amount to be raised by pension protection levies) and section 180 (transitional provision).