Citation and commencement _I1

1. These Regulations may be cited as the Payment of Pension Levies for Past Periods Regulations 2014 and shall come into force on 8th December 2014.

Requirement to pay pension levies in respect of past periods _I2

2. So far as relating to the requirement to pay pension levy, the Pensions Act 2004( 2 ), and regulations made under it, shall have effect as if the amendments made by the 2010 regulations had always had effect( 3 ).

Interest

3. —(1) This regulation applies to any amount of pension levy which becomes payable as a consequence of the coming into force of regulation 2.

(2) Any amount to which this regulation applies carries interest for the period beginning with the date on which that amount would have become due if the amendments made by the 2010 regulations had always had effect (“interest start date”) and ending on the date on which payment of that amount is made.

(3) Interest to be added to any amount to which this regulation applies shall be compound interest calculated at the rates specified in paragraphs (4) to (7) with yearly rests.

(4) The rate of interest to be applied for the period beginning with the interest start date for the first year is that set out in column (c) of Table 1 next to the period as set out in columns (a) and (b) within which the interest start date falls.

(5) On each anniversary of the interest start date, where any anniversary of the interest start date falls on or before 31st October 2014, the rate of interest to be applied for the year from that anniversary date is that set out in column (c) of Table 1 next to the period as set out in columns (a) and (b) within which the anniversary date falls.

(6) Where any anniversary of the interest start date falls after 31st October 2014, the interest rate to be applied during the year from that anniversary date is the EU recovery interest rate.

(7) For the purposes of paragraph (6), “EU recovery interest rate” means the rate referred to in Article 9 of Commission Regulation (EC) No 794/2004( 4 ) [^F1 (as it had effect in the United Kingdom immediately prior to IP completion day) ^F1] .