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The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations (Northern Ireland) 2005

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Segregated schemes: multi-employer sections without requirement for partial wind up on withdrawal of participating employer

15.—(1) This paragraph applies to a multi-employer section of a segregated scheme (“multi-employer section”) the rules of which do not provide for the partial winding up of the section when an employer in relation to the section ceases to participate in the scheme.

(2) The fraud compensation provisions shall be modified in their application to a multi-employer section to which paragraph (1) applies so that they shall be read as if—

(a)references to “an occupational pension scheme” were references to a multi-employer section of a segregated scheme in circumstances where that section, if it were a scheme, would be a scheme in respect of which the Board shall make a fraud compensation payment in accordance with Article 165(1);

(b)references to “an eligible scheme” were references to a multi-employer section of a segregated scheme in circumstances where that section, if it were a scheme, would be an eligible scheme;

(c)except as otherwise provided in this regulation, references to—

(i)“the scheme” were to “the section”;

(ii)“the employer” were to “an employer in relation to the section”;

(iii)“the trustees or managers of the scheme” or “the trustees or managers” were to “the trustees or managers with ultimate responsibility for the administration of the section”;

(d)in Article 165—

(i)in paragraph (2)—

(aa)for sub-paragraph (a) there were substituted the following sub-paragraph—

(a)a qualifying insolvency event has occurred in relation to an employer in relation to a multi-employer section of the segregated scheme,;

(bb)in sub-paragraph (b) for “the scheme” there were substituted “the relevant section of the scheme”;

(cc)in sub-paragraph (c)(i) for “the insolvency event” there were substituted “the first insolvency event in relation to the section”, and

(dd)in sub-paragraph (c) for head (ii) there were substituted the following head—

(ii)ending immediately before the issuing of the scheme failure notice in relation to the relevant section of the scheme under Article 106(2)(a) and that notice has become binding,;

(ii)in paragraph (3)(b) for “in relation to the scheme” there were substituted “in relation to a multi-employer section of the segregated scheme”;

(iii)in paragraph (4) for sub-paragraph (b) there were substituted the following sub-paragraph—

(b)in relation to a multi-employer section of the segregated scheme—

(i)an employer is unlikely to continue as a going concern at a time when all other employers in relation to that section—

(aa)have had an insolvency event occur in relation to them and an insolvency practitioner is still required by law to be appointed to act in relation to them, or

(bb)are unlikely to continue as a going concern, or

(ii)a person, or persons, are no longer an employer in relation to that section at a time when all other employers in relation to that section—

(aa)have had an insolvency event occur in relation to them and an insolvency practitioner is still required by law to be appointed to act in relation to them, or

(bb)are unlikely to continue as a going concern, and

at least one insolvency event occurred on or after 6th April 2005 or at least one employer was unlikely to continue as a going concern, on or after that date,;

(iv)in paragraph (4)(c) for “the employer” there were substituted “those employers who are unlikely to continue as a going concern”;

(v)in paragraph (7) for “a scheme” there were substituted “a section”;

(vi)in paragraph (8)—

(aa)for “the employer” there were substituted “an employer in relation to the relevant section”, and

(bb)after sub-paragraph (a) there were inserted the following sub-paragraph—

(aa)it occurs—

(i)simultaneously in relation to more than one of the employers in relation to the section at a time when those employers are the only employers in relation to the section, or

(ii)in relation to an employer in relation to the section at a time when all other employers in relation to the section have either had—

(aa)an insolvency event occur in relation to them and an insolvency practitioner is still required by law to be appointed to act in relation to them, or

(bb)a notice given in respect of them by the trustees or managers of the section under Article 113(1A), as modified by Part III of the Multi-employer Regulations(1), or a notice given by the Board in respect of them under Article 113(5) by virtue of a notice given by the Regulator under Article 113(4)(a), and, and

(vii)in paragraph (9)(a) and (c) for “a scheme” there were substituted “a section”;

(e)in Article 166—

(i)in paragraph (1) after “Article 165 apply” there were inserted “to a multi-employer section of a segregated scheme”;

(ii)in paragraph (2) after “scheme rescue”, in both places where it occurs, there were inserted “in relation to the relevant section”;

(iii)in paragraph (3)(d) for “the employer”, in both places where it occurs, there were substituted “each employer”, and

(iv)after paragraph (3) there were inserted the following paragraph—

(3A) Where the trustees or managers with ultimate responsibility for the administration of the section receive a notice from the Board under paragraph (3) they must send a copy of the notice as soon as practicable to all other trustees or managers of the segregated scheme (if different) and all of the employers in relation to the scheme., and

(f)in Article 168—

(i)in paragraph (5)(d) for “the employer”, in both places where it occurs, there were substituted “each employer”, and

(ii)after paragraph (5) there were added the following paragraph—

(6) Where the trustees or managers with ultimate responsibility for the administration of the section receive a notice from the Board under paragraph (5) they must send a copy of the notice as soon as practicable to all other trustees or managers of the segregated scheme (if different) and all of the employers in relation to the scheme..

(1)

Part III was substituted by regulation 3(3) of S.R. 2005 No. 357

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