For each financial year1 falling after the initial period2, the Board of the Pension Protection Fund3 must impose both of the following: (1) a risk-based pension protection levy4 in respect of all eligible schemes5; (2) a scheme-based pension protection levy6 in respect of eligible schemes7. In Chapter 3 of Part 2 of the Pensions Act 2004 'pension protection levy' means a levy imposed in accordance with these provisions8. The Board must, before the beginning of each financial year, determine in respect of that year: (a) the factors by reference to which the pension protection levies are to be assessed;
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