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Pensions Act 2011

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11(1)Section 158 (Board's duty to assume responsibility for closed schemes) is amended as follows.U.K.

(2)For subsection (3) substitute—

“(3)The Board must, as soon as reasonably practicable—

(a)determine whether the condition in subsection (1) is satisfied, or

(b)for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation (within the meaning of section 143) of the scheme as at the relevant time.

(3A)Before doing so, it must give the trustees or managers of the scheme a notice stating whether it will make a determination under subsection (3)(a) or obtain an actuarial valuation under subsection (3)(b).”

(3)In subsection (4) for “those purposes as it applies for the purposes mentioned in subsection (2)” substitute “ the purposes of this section as it applies for the purposes ”.

(4)In subsection (5)—

(a)for “a valuation obtained under subsection (3)” substitute “ a determination made under subsection (3)(a) and a valuation obtained under subsection (3)(b) ”,

(b)for “a valuation obtained under section 143” substitute “ a determination made under section 143(2)(a) and a valuation obtained under section 143(2)(b) ”, and

(c)after paragraph (a) insert—

“(aa)section 143A (determinations under section 143), other than subsections (1)(c) and (4)(c) (duty to give copy of determinations to employer's insolvency practitioner);”.

(5)In subsection (6)—

(a)after “sections 143” insert “ , 143A ”,

(b)omit “and” at the end of paragraph (a), and

(c)after that paragraph insert—

“(aa)subsection (3) of section 143A applies as if the reference to section 128(2)(a) included a reference to subsection (1) of this section, and”.

Commencement Information

I1Sch. 4 para. 11 in force at 23.7.2012 by S.I. 2012/1681, art. 3(b)(ii)

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