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The Personal Pension Schemes (Compensation) Regulations 1988
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- 1988 No. 2238
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations provide that for a personal pension scheme which is not within the investor protection provisions of one or other of the Policyholders Protection Act 1975, the Building Societies Act 1986, the Banking Act 1987, the Financial Services (Compensation of Investors) Rules 1988 or the Friendly Societies Protection Scheme to be an appropriate scheme under Part I of the Social Security Act 1986, it must secure that any part of its liability for protected rights which it is unable to meet from its own resources are, at least to the extent that they would be met if one or other of those provisions did apply, met from some other source.
The report of the Occupational Pensions Board on the draft of these Regulations which had been referred to them together with a statement by the Secretary of State for Social Services showing that the Regulations give effect to the Board’s recommendations is contained in Command Paper No. 553 published by Her Majesty’s Stationery Office.
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