112.—(1) This Article applies where, in relation to an eligible scheme, the trustees or managers of the scheme—
(a)make an application under paragraph (1) of Article 113 (an “Article 113 application”), or
(b)receive a notice from the Board under paragraph (5)(a) of that Article (an “Article 113 notification”).
(2) The Board must assume responsibility for the scheme in accordance with this Chapter if—
(a)the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see Articles 115 and 127),
(b)after the relevant time the Board issues a scheme failure notice under Article 114(2) in relation to the scheme and that notice becomes binding, and
(c)a withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—
(i)beginning with the making of the Article 113 application or, as the case may be, the receipt of the Article 113 notification, and
(ii)ending immediately before the issuing of the scheme failure notice under Article 114(2),
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).
(3) In paragraph (2)—
(a)the reference in sub-paragraph (a) to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, and
(b)“the relevant time” means the time immediately before the Article 113 application was made or, as the case may be, the Article 113 notification was received.
(4) An application under Article 113(1) or notification under Article 113(5)(a) is to be disregarded for the purposes of paragraph (1) if it is made or given during an assessment period (see Article 116) in relation to the scheme which began before the application was made or notification was given.
(5) This Article is subject to Articles 130 and 131 (cases where Board must refuse to assume responsibility for a scheme).