Amendment of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations2

1

The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 20052 are amended in accordance with paragraphs (2) to (5).

2

In regulation 1(2) (interpretation) after the definition of “partially guaranteed scheme” add—

  • “secured part” means any part of a partially guaranteed scheme which is not an unsecured part;

  • “the Treaty” means the Treaty on the Functioning of the European Union3.

3

In regulation 2 (modification of Part III of the Order)—

a

the provisions of the regulation shall become paragraph (1) of the regulation;

b

in paragraph (1) for “these Regulations” substitute “regulations 3 to 11”;

c

after paragraph (1) add—

2

Paragraph (1) shall not apply where it would give rise to State aid that is incompatible with the internal market within the meaning of Article 107 of the Treaty.

3

Regulations 2A and 11 shall apply where paragraph (1) does not apply to a partially guaranteed scheme by virtue of paragraph (2).

4

After regulation 2 insert—

Schemes to which regulation 2(1) does not apply2A

1

This regulation applies to a partially guaranteed scheme to which paragraph (1) of regulation 2 does not apply by virtue of paragraph (2) of that regulation.

2

Part III of the Order (the Board of the Pension Protection Fund) shall apply to a scheme referred to in paragraph (1) as if the unsecured part and the secured part of the scheme were separate schemes.

3

Each part of the scheme referred to in paragraph (1) is an eligible scheme within the meaning of Article 110(1) for the purposes of Part III of the Order.

5

In regulation 3 (application and effect) after paragraph (4) add—

5

Article 158(2)(a)(i) (pension protection levies) applies as if, for “a scheme’s assets” there were substituted “the assets of the unsecured part of a scheme”.