The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005

General interpretation

11.  In relation to a partially guaranteed scheme, section 318 of the Act (general interpretation) applies as if the following definitions were inserted at the appropriate alphabetical places—

““eligible scheme” has the meaning given by section 126;

“partially guaranteed scheme” means an eligible scheme in respect of which a relevant public authority has—

(a)

given a guarantee in relation to—

(i)

any part of the scheme;

(ii)

any benefits payable under the scheme rules; or

(iii)

any members of the scheme; or

(b)

made any other arrangements for the purposes of securing that the assets of the scheme are sufficient to meet any part of its liabilities;

“relevant public authority” has the meaning given by section 307(4);

“unsecured part” means any part of a partially guaranteed scheme—

(a)

in respect of which no guarantee has been given by a relevant public authority;

(b)

which relates to benefits payable under the scheme in respect of which —

(i)

no such guarantee has been given; and

(ii)

no other arrangements as are mentioned in section 307(3)(b) of the Act have been made.”.