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

Duty to assume responsibility for schemes

31.—(1) Section 127 of the Act (duty to assume responsibility for schemes following insolvency event) shall be modified in its application to a segregated part to which regulation 28 applies so that it shall be read as if, after the words “at the relevant time” in paragraph (a) of subsection (2), there were inserted the words “as determined by the Board’s valuation of the section as a whole under section 143”.

(2) Section 128 of the Act (duty to assume responsibility for schemes following application or notification) shall be modified in its application to a segregated part to which regulation 28 applies so that it shall be read as if, after the words from “at the relevant time” in paragraph (a) of subsection (2), there were inserted the words “as determined by the Board’s valuation of the section as a whole under section 143”.

(3) Section 129 of the Act (applications and notifications for the purposes of section 128) shall be modified in its application to a segregated part to which regulation 28 applies so that it shall be read as if—

(a) after subsection (1), there were inserted the following subsection—

“(1A) Where the trustees or managers of a segregated part of a multi-employer section of a segregated scheme make an application to the Board under subsection (1), they must issue a notice to that effect 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

(b) after subsection (5), there were inserted the following subsection—

“(5A) Where the trustees or managers of a segregated part of a multi-employer section of a segregated scheme receive a notice from the Board under subsection (5), 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.”.