What you need to do
You can only formally notify us that you can’t settle your levy invoice after you’ve received it.
When notifying us, please:
- Complete the short online notification form within 28 days of receiving the invoice. We may not be able to accept it if it’s received any later than this
- Explain how COVID-19 has negatively impacted your scheme or business.
Who can submit the notification?
Scheme trustees or authorised scheme managers have to submit the form for scheme applications. Finance Directors or other appropriate officers must submit the form for employer applications.
If you’ve any questions or want to discuss your application, please email our Credit and Collections Team at [email protected]
What do you need to provide?
We’ll consider your explanation of how COVID-19 has negatively impacted your scheme or business in the first instance. In some cases, we may ask for evidence to support your explanation.
Will you be charged interest on late payment?
We can’t fully assess whether interest can be waived until the levy has been paid, so we’ll review all cases on an individual basis, in line with relevant legislation once you’ve settled your invoice. Our policy intent is that, if you pay within 90 days, we’ll look to waive interest on late payment.
If the Board considers that it’s appropriate to waive interest that would be accrued on late payment, having taken into consideration if it’s reasonable to do so, the application will be approved.
Further information on late payment interest waivers:
What are expected standard terms of an interest on late payment waiver?
Typically, we would extend the terms under which levy payment is due to 90 days.
What happens if you don’t pay on time?
Please speak to us if you have any difficulties keeping to the agreed payment schedule. In the event that you don’t stick to the revised terms, the standard rate of 5% above the Bank of England base rate may be charged.
What happens to your employer’s credit score?
Your employer’s credit score won’t be affected, because liability for the levy payment is with the pension scheme trustees.
Appeals and reviews
Applying for an interest on late payment waiver within 28 days of receiving your invoice won’t affect any appeal or review of your levy.
Any questions?
If you have any questions or need help and support with applications please email our Credit and Collections Team at [email protected]