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”.