administration levy


administration levy
One of the levies that the Pension Protection Fund (PPF) may raise from defined benefit schemes that may be eligible for compensation if they meet the entry conditions. Section 117 of the Pensions Act 2004 gives the PPF power to raise the administration levy, which is designed to fund the PPF's ongoing administrative costs. It is calculated according to the number of scheme members and is set annually.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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