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

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This is the original version (as it was originally made).

Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135

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22.—(1) Section 135 of the Act (restrictions on winding up, discharge of liabilities etc) shall be modified in its application to a multi-employer section of a segregated scheme to which paragraph (1) or (2) of regulation 14 applies so that it shall be read as if, after subsection (2), there were inserted the following subsection—

“(2A) An employer in relation to a multi-employer section of a segregated scheme must not cease to participate in the scheme during an assessment period.”.

(2) Section 136 of the Act (power to validate contraventions of section 135) shall be modified in its application to a multi-employer section of a segregated scheme to which paragraph (1) or (2) of regulation 14 applies so that it shall be read as if—

(a)for the words “in relation to the employer, or if there is no such insolvency practitioner, the employer” in paragraph (d) of subsection (2), there were substituted the words “in relation to an employer, or if there is no such insolvency practitioner, that employer”; and

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

“(2A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a copy of a 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 employers in relation to the scheme.”.

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