These Regulations are made under section 307(3) of the Pensions Act 2004 (c. 35) (“the Act”) which contains a power to modify the provisions of Part 2 of the Act in relation to partially guaranteed schemes. Part 2 of the Act makes provision in respect of the Board of the Pension Protection Fund (“the Board”), which is established under section 107 of the Act.

The Regulations modify Part 2 of the Act in respect of partially guaranteed schemes. The modifications operate so that the Board only takes into account the assets and liabilities of the unsecured part of a partially guaranteed scheme and can only assume responsibility for that part.

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 of 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.