563. Administration levy.

563.     Administration levy.

Regulations1 may provide for the imposition of a levy ('administration levy') in respect of eligible schemes2 for the purpose of meeting: (1) expenditure of the Secretary of State3 relating to the establishment of the Board of the Pension Protection Fund4; (2) any expenditure of the Secretary of State relating to grants5. An administration levy is payable to the Secretary of State by or on behalf of: (a) the trustees or managers6 of an eligible scheme; or (b) any other prescribed person7. An administration levy is payable at the prescribed rate and at prescribed times8.