(This note is not part of the Regulations)
These Regulations amend the Pension Protection Fund (Entry Rules) Regulations 2005 (S.I. 2005/590) (“the Entry Rules Regulations”).
In particular—
paragraph (2) of regulation 2 inserts a definition of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I.2005/441) (“the Multi-employer Regulations”);
paragraph (3)(a) to (e) of regulation 2 amends regulation 2 of the Entry Rules Regulations where it refers to the “employer” and corrects cross references to section 75 of the Pensions Act 1995 (c. 26). Paragraph (3)(f) omits regulation 2(5)(c) of the Entry Rules Regulations. Paragraph (3)(g) amends regulation 2 of the Entry Rules Regulations to provide that paragraphs (2) to (7) of that regulation apply to each section of a segregated scheme as if it were a separate scheme;
paragraph (4) of regulation 2 amends regulation 5 of the Entry Rules Regulations to add further insolvency events where a company or partnership in administration commences winding up or where a proposal for a voluntary arrangement is made;
paragraph (5) of regulation 2 amends regulation 7 of the Entry Rules Regulations to provide that where the employer is a trade union in relation to which it is not possible for an insolvency event to occur, the trustees or managers of an eligible scheme must apply to the Board of the Pension Protection Fund (“the Board”) for it to assume responsibility for that scheme under section 128 of the Pensions Act 2004 (c. 35) (“the Act”) where the condition in section 129(1)(a) of the Act is satisfied. It also makes an amendment consequential to paragraph (6);
paragraphs (6) to (8) of regulation 2 make amendments to regulations 7 and 8 of the Entry Rules Regulations which are consequential upon provisions of the substituted Parts 3 and 6 of the Multi-employer Regulations, including the insertion of new regulations 7A and 8A; and
paragraph (9) of regulation 2 amends regulation 13 of the Entry Rules Regulations to provide that a notice given by the Board under section 125(3) of the Act shall be in writing.
As these Regulations are made before the expiry of the period of six months beginning with the coming into force of the provisions of the Act by virtue of which they are made, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.