The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

Transfer notices and assumption of responsibility

12.—(1) Section 160 of the Act (transfer notice) shall be modified in its application to a section of a segregated scheme to which regulation 2 applies so that it shall be read as if—

(a) for the words “required to assume responsibility for a scheme” in subsection (1), there were substituted the words “required to assume responsibility for a section of a segregated scheme”;

(b) after subsection (2), there were inserted the following subsection—

“(2A) Where the trustees or managers of a section of a segregated scheme receive a transfer notice from the Board under subsection (2), they must send a copy of that notice as soon as practicable to the trustees or managers of each section of the scheme (if different) and to all the employers in relation to the scheme.”; and

(c) for subsection (6), there were substituted the following subsection—

“(6) The Board must give a copy of the transfer notice under subsection (2) to—

(a) the Regulator, and

(b) an insolvency practitioner acting in relation to the employer in relation to the section of the scheme in respect of which the transfer notice is issued.”.

(2) Section 161 of the Act (effect of Board assuming responsibility for a scheme) shall be modified in its application to a section of a segregated scheme to which regulation 2 applies so that it shall be read as if—

(a) after the word “obligations” in paragraph (b) of subsection (2), there were inserted the words “to or in respect of members of that section”; and

(b) after the words “to or in respect of persons” in paragraph (a) of subsection (4), there were inserted the words “who are or were members of that section”.

(3) Paragraph 1 of Schedule 6 to the Act (transfer of rights and liabilities to the Board) shall be modified in its application to a section of a segregated scheme to which regulation 2 applies so that it shall be read as if, for the words “an occupational pension scheme”, there were substituted the words “a section of a segregated multi-employer scheme”.