621. Fraud compensation levy.

621.     Fraud compensation levy.

For the purposes of meeting expenditure payable out of the Fraud Compensation Fund1, regulations2 may provide for the imposition of a levy ('fraud compensation levy') in respect of occupational pension schemes3. A fraud compensation levy imposed in respect of a scheme is payable to the Board of the Pension Protection Fund4 by or on behalf of: (1) the trustees or managers of the scheme; or (2) any other prescribed person5. A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board6.