(This note is not part of the Regulations)
These Regulations further amend the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986) to add a new category of qualifying pension scheme. Under the amendment, a scheme is a qualifying pension scheme for the Financial Assistance Scheme (“FAS”) if:
1. it commenced wind-up between 23rd December 2008 and the day before these Regulations come into force;
2. it winds up underfunded due to an insolvency event which occurred before 6th April 2005;
3. there has not been a qualifying insolvency event for the purposes of section 127 of the Pensions Act 2004 (c.35) or Article 111 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I.)); and
4. the relevant employer ceased to be an employer in relation to the scheme prior to 10th June 2011.
The Regulations also provide that where such a scheme qualifies for FAS purposes, it cannot be an eligible scheme for Pension Protection Fund purposes.
No impact assessment has been prepared for this instrument as its provisions do not have an impact on private, voluntary or public sector organisations.