Part 2The Board of the Pension Protection Fund
Chapter 3Pension protection
Assumption of responsibility for a scheme
160Transfer notice
(1)
This section applies where the Board is required to assume responsibility for a scheme under section 127, 128, 152 or 158.
(2)
The Board must give the trustees or managers a notice (a “transfer notice”).
(3)
In a case to which section 127 or 128 applies, a transfer notice may not be given until the F1determination made or valuation obtained under section 143(2) is binding.
(4)
In a case to which section 158 applies, a transfer notice may not be given until the F2determination made or valuation obtained under subsection (3) of that section is binding.
(5)
A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of section 146 or 147 (refusal to assume responsibility) is reviewable (see section 149(6)(b)).
(6)
The Board must give a copy of any notice given under subsection (2) to—
(a)
the Regulator, and
(b)
any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.