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The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005
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- Northern Ireland Statutory Rules
- 2005 No. 91
- PART V
- Regulation 53
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Board to act as creditor of the employer
53. Article 121 (Board to act as creditor of the employer) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if –
(a)in paragraph (2) after “due to them by the employer” there were inserted “in respect of the protected liabilities that are included in the segregated part”; and
(b)after paragraph (3) there were added the following paragraph –
“(3A) Where an amount is paid to the trustees or managers of a non-segregated multi-employer scheme in respect of any debt owed to the scheme by the employer in relation to a segregated part of the scheme which does not relate to the employer’s liabilities to or in respect of members of the scheme who are not designated to that segregated part, that amount shall be applied by the trustees or managers of the scheme towards the liabilities of the scheme as a whole.”.
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