613. Amounts to be raised by pension protection levies.

Before determining the pension protection levies1 to be imposed for a financial year2, the Board of the Pension Protection Fund3 must estimate the amount which will be raised by the levies it proposes to impose4. The Board must impose levies for a financial year in a form which it estimates will raise an amount not exceeding the levy ceiling5 for the financial year6. The pension protection levies imposed for a financial year must be in a form which the Board estimates will result in at least 80 per cent of the amount raised by the levies for that year