C6C5C7C8Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C8

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C2C1C4Chapter 3Pension protection

Annotations:
Modifications etc. (not altering text)
C2

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C1

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C4

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

Circumstances in which Board assumes responsibility for eligible schemes

C1C2C3129C1C2Applications and notifications for the purposes of section 128

1

Where the trustees or managers of an eligible scheme become aware that—

I2a

the employer in relation to the scheme is unlikely to continue as a going concern, and

I1b

the prescribed requirements are met in relation to the employer,

they must make an application to the Board for it to assume responsibility for the scheme under section 128.

I22

Where the Board receives an application under subsection (1), it must give a copy of the application to—

a

the Regulator, and

b

the employer.

I13

An application under subsection (1) must—

a

be in the prescribed form and contain the prescribed information, and

b

be made within the prescribed period.

I24

Where the Regulator becomes aware that—

a

the employer in relation to an eligible scheme is unlikely to continue as a going concern, and

b

the requirements mentioned in subsection (1)(b) are met in relation to the employer,

it must give the Board a notice to that effect.

I25

Where the Board receives a notice under subsection (4), it must—

a

give the trustees or managers of the scheme a notice to that effect, and

b

give the employer a copy of that notice.

I26

The duty imposed by subsection (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (5).

I27

The duty imposed by subsection (4) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under subsection (2).

I18

Regulations may require notices under this section to be in the prescribed form and contain the prescribed information.