We will start issuing 2011/12 pension protection levy invoices to schemes from 1 September 2011.
Your levy invoice explained
Included with your invoice will be detailed supporting information to help you understand how the risk-based and scheme-based levies making up your invoice have been calculated.
You will also receive the accompanying booklet A Guide to the Pension Protection Levy 2011/12, which includes background information about the 2011/12 levy as well as general information about how to pay or query your invoice.Example levy invoices are provided below:
Example levy invoices are provided below:
Example 1: A single employer scheme with no voluntary certificate data
Example 2: A multi-employer scheme with a type B contingent asset
Example 3: A single employer scheme with a deficit-reduction contribution certificate
Example 4: A single employer scheme with a type A guarantee from a UK parent company
Example 5: Block Transfer
Example 6: Disincentive Block Transfer
Paying your invoice
Please pay by BACS, CHAPS or internet banking, quoting your scheme name and invoice number. These are the simplest, most secure and effective method, helping to reduce administration costs.
Full payment instructions are provided on the invoice, including our bank details, and in the guide booklet.
Interest on late payments
An interest on late payment charge of 5 per cent per annum above the Bank of England base rate will start accruing after 28 days of the invoice date if your levy invoice remains unpaid.
Section 181A of the Pensions Act 2004, as inserted by Schedule 10 to the Pensions Act 2008, provides the regulation-making powers to enable the Board of The Pension Protection Fund to charge interest if the pension protection levy is paid late. The Pension Protection Fund (Miscellaneous Amendments) Regulations 2010 include regulations setting out how the Board shall charge the interest.
Schemes are encouraged to pay levy invoices that are subject to appeal as payment of the levies are a statutory obligation of the trustees (s181A of the Pensions Act 2004). Once a successful appeal is concluded, any overpayment will be refunded as soon as possible.
For more information, please see our FAQs on Interest on Late Payments (IoLP).
If you have questions
If you have any questions about your invoice, you should first look at the accompanying guide booklet and the 2011/12 invoicing FAQs on this website. If you still have questions, then you should contact our Stakeholder Support Team and/or D&B’s Customer Services Team, depending on the nature of your query, within 28 days of the date of your invoice. The last date on which you can raise a query is shown on the front of the invoice.
Information on what to do if you think your scheme should have its 2011/12 levy waived is available in the FAQs.
FAQs for invoicing the 2010/11 levy and the 2009/10 levy, remain available to view on this site.