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

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35.  Section 134 of the Act (directions) shall be modified in its application to a non-segregated multi-employer section to which regulation 28 applies so that it shall be read as if—

(a)in subsection (2)—

(i)for the words “the scheme’s protected liabilities do not exceed its assets”, there were substituted the words “the protected liabilities of the segregated part do not exceed its assets; and

(ii)for the words “in relation to the scheme”, there were substituted the words “in relation to the segregated scheme in question”;

(iii)for the words “the investment of the scheme’s assets” in paragraph (a), there were substituted the words “the investment of the assets of the section”; and

(b)for sub-paragraph (i) of paragraph (a) of subsection (3), there were substituted the following sub-paragraph—

“(i)any trustees or managers of the scheme in relation to which the segregated part relates,”.

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