Citation and commencement

1. These Regulations may be cited as the Pension Protection Fund (Prescribed Payments) Regulations 2008 and shall come into force on 1st April 2008.

Payments to meet certain costs

2. The Board(2) may pay out of the Pension Protection Fund any sum required to meet expenditure by the Board on–

(a) creating and maintaining records of persons entitled to compensation under section 162 of the Pensions Act 2004(3) or Article 146(2) of the Pensions (Northern Ireland) Order 2005(4) (the pension compensation provisions);

(b) maintaining a payroll for the payment of such compensation;

(c) verifying data required for the creation and maintenance of those records and that payroll.

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations make provision for the Board of the Pension Protection Fund ("the Board") to make payments out of the Pension Protection Fund to cover any expenditure incurred by the Board in respect of risk-based administration costs.

Risk-based administration costs are those costs listed in regulation 2. They were previously met by the administration levy under section 117 of the Pensions Act 2004 (c.35).

A full Impact Assessment has not been produced for this instrument as it has only a negligible impact on the costs of business, charities or the voluntary sector.