The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

Amendment of the Information Regulations E+W+S

23.—(1) The Information Regulations shall be amended in accordance with this regulation.

(2) In regulation 2 (interpretation) there shall be inserted at the appropriate places—

““the 1995 Act” means the Pensions Act 1995;

“compensation payments” means one or more payments under section 83 of the 1995 Act M1 ;

“the Compensation Regulations” means the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 M2 ;

“the Fraud Compensation Regulations” means the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005;

“the Pensions Compensation Board” means the Board established under section 78 of the 1995 Act M3 ;

“fraud compensation payments” means one or more payments under section 182(1) of the Act;

“recovery of value” shall be construed in accordance with section 184(3) of the Act or, as the case may be, in accordance with section 81(3)(f) of the 1995 Act M4 ;”.

(3) In regulation 3 (information to be provided by the Board), after paragraph (6) add—

“(7) Where an application for fraud compensation payments has been made by a person prescribed by regulation 5 (applications) of the Fraud Compensation Regulations (“the applicant”) the information to be provided by the Board to the applicant and the trustees or managers of the scheme shall be determined in accordance with the provisions of Schedule 1A.

(8) Where the Board is exercising the functions of the Pensions Compensation Board M5 and an application for compensation payments has been made by a person prescribed by regulation 4 (applications) of the Compensation Regulations (“the applicant”) the information to be provided by the Board to the applicant and the trustees or managers of the scheme shall be determined in accordance with the provisions of Schedule 1A.”.

(4) After regulation 4 (information to be provided by the trustees or managers) insert—

“Information to be provided to the Board

4A.— (1) This paragraph applies where an application for a fraud compensation payment has been made by a person prescribed by regulation 5 of the Fraud Compensation Regulations in respect of an occupational pension scheme and the trustees or managers of that scheme have reasonable grounds for believing that they have obtained a recovery of value.

(2) This paragraph applies where an application for a compensation payment has been made by a person prescribed by regulation 4 of the Compensation Regulations in respect of an occupational pension scheme and the trustees of that scheme have reasonable grounds for believing that they have obtained a recovery of value.

(3) Where paragraphs (1) or (2) apply, the trustees or managers shall within the period of 14 days beginning with the day on which they have reasonable grounds for believing that they have obtained a recovery of value notify the Board of—

(a) the amount of the recovery of value; and

(b) the grounds on which they have considered it reasonable to believe that they have obtained a recovery of value.”.

(5) After Schedule 1 (information to be provided by the Board) insert as Schedule 1A the Schedule specified in Schedule 3.

Marginal Citations

M1 Section 83 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

M2 S.I. 1997/665.

M3 Section 78 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

M4 Section 81 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

M5 The Board (of the Pension Protection Fund) shall by virtue of article 4 of S.I. 2005/1720 (C.73) exercise certain functions of the Pensions Compensation Board which fall to be exercised on or after 1st September 2005 and sections 78(4) to 84 of the Pensions Act 1995 (which were repealed by Schedule 13 to the Pensions Act 2004) are saved for that purpose.