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The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010
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- 2010 No. 196
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations principally implement the Decision of the European Commission 55/2007/EC of 11th February 2009 (O.J. L242, 15.9.09. p.21) that the exemption from the payment of a levy to the Pension Protection Fund (PPF) corresponding to the pension liabilities covered by a Crown guarantee constitutes State aid that is incompatible with the common market within the meaning of Article 87(1) of the EC Treaty, now Article 107 of the Treaty on the Functioning of the European Union.
Regulation 2 amends the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277) which modify Part 2 of the Pensions Act 2004 (“the Act”) as it applies to occupational pension schemes with a partial Crown guarantee (partially guaranteed schemes).
Regulation 3 amends regulation 2 of the Pension Protection Fund (Entry Rules) Regulations 2005 (S.I. 2005/590), which sets out those schemes which are not “eligible schemes” for the purposes of Part 2 of the Act.
Regulations 4, 5, 6 and 7 make amendments respectively to the Pension Protection Fund (Reviewable Matters) Regulations 2005 (S.I. 2005/600), the Pension Protection Fund (Provision of Information) Regulations 2005 (S.I.2005/674), the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2184) and the Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006 (S.I. 2006/558), as they apply to partially guaranteed schemes, that are consequential to the amendments in regulation 2.
Regulation 8 amends the Pension Protection Fund (General and Miscellaneous Amendments) Regulations 2006 (S.I. 2006/580) as they apply to schemes that are eligible for PPF compensation for part of a financial year.
A full impact assessment has not been published for this instrument as it has only a negligible impact on the private, public and voluntary sectors.
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