The Financial Assistance Scheme (Amendment) Regulations 2008

Amendment of the FAS Regulations

2.—(1) Regulation 9 of the FAS Regulations (qualifying pension schemes) is amended as follows.

(2) At the beginning of paragraph (1)(b) insert “except where paragraph (1B) applies,”.

(3) After paragraph (1A)(1) insert—

“(1B) This paragraph applies where—

(a) the scheme began to wind up during the period beginning on 6th April 2005 and ending on 22nd December 2008;

(b) paragraph (i) or (ii) of paragraph (1)(c)(2) applies by virtue of an insolvency event which occurred before 6th April 2005; and

(c) there has not been an insolvency event in relation to the relevant employer which would be a qualifying insolvency event for the purposes of section 127(3) or Article 111(4) (duty to assume responsibility for schemes following insolvency event) if the scheme were an eligible scheme.

(1C) In paragraph (1B)—

“eligible scheme” has the meaning given in section 126(5) or, as the case may be, Article 110(6) (eligible schemes);

“relevant employer” means the employer in relation to the scheme or, in relation to a multi-employer scheme, any employer or employers in relation to the scheme.”.

(1)

Paragraph (1A) was inserted by S.I. 2007/3581.

(2)

Paragraph (1)(c) was substituted by S.I. 2008/1903.

(3)

Section 127 is modified in its application to partially guaranteed pension schemes by S.I. 2005/277 and in its application to multi-employer schemes by S.I. 2005/441 (as amended by S.I. 2005/993 and 2005/2113).

(4)

Article 111 is modified in its application to partially guaranteed pension schemes by S.R. 2005/55 and in its application to multi-employer schemes by S.R. 2005/91 (as amended by S.R. 2005/194 and 2005/357).

(5)

Section 126 is modified in its application to multi-employer schemes by S.I. 2005/441 (as amended by S.I. 2005/993 and 2005/2113).

(6)

Article 110 is modified in its application to multi-employer schemes by S.R. 2005/91 (as amended by S.R. 2005/194 and 2005/357).