The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005

Application and effect U.K.

3.—(1) The following sections of the Act apply as if, for the words “assets of the scheme” each time they occur, there were substituted the words “ assets of the unsecured part ”

(a) section 127(2)(a) and (4)(a) (duty to assume responsibility for schemes following insolvency event);

(b) section 128(2)(a) and (3)(a) (duty to assume responsibility for schemes following application or notification);

(c) section 136(5) (power to validate contraventions of section 135);

[F1 (ca) section 143(5B)(b) and (c) (Board’s obligation to obtain valuation of assets and protected liabilities);]

(d) section 151(9)(a) (application for reconsideration);

(e) [F2 section 152(2B), (9)(a), (10A)] and (11) (duty to assume responsibility following reconsideration); and

(f) section 158(2) (duty to assume responsibility for closed schemes).

(2) The following sections of the Act apply as if, for the words “an eligible scheme” each time they occur, there were substituted the words “ the unsecured part of an eligible scheme ”

(a) section 131(1) (protected liabilities);

(b) section 163(1) (adjustments to be made where the Board assumes responsibility for a scheme);

(c) section 164(1) (postponement of compensation entitlement for the assessment period);

(d) section 165(1) (guaranteed minimum pensions);

(e) section 169(1) (discharge of liabilities in respect of compensation); and

(f) section 170(1) (discharge of liabilities in respect of money purchase benefits).

(3) The following sections of the Act apply as if, for the words “a scheme” each time they occur, there were substituted the words “ an unsecured part ”

(a) section 142(1) (sections 140 and 141: interpretation);

(b) section 144(1) (approval of valuation);

(c) section 145(2) (binding valuations);

(d) section 146(2) (schemes which become eligible schemes);

(e) section 147(2) (new schemes created to replace existing schemes);

(f) section 157(9) (applications and notifications where closed schemes have insufficient assets);

(g) section 160(1) and (5) (transfer notice);

(h) section 161(2) and (5) (effect of Board assuming responsibility for a scheme);

(i) section 162(1) (the pension compensation provisions);

(j) section 166(1) (duty to pay scheme benefits unpaid at assessment date etc); and

(k) section 172(1) (relationship with fraud compensation regime).

(4) The following sections of the Act apply as if, for the words “the scheme” each time they occur, there were substituted the words “ the unsecured part ”

(a) section 131(1) (protected liabilities);

(b) section 138(3) (payment of scheme benefits);

(c) section 140(2)(a) (reviewable ill health pensions);

(d) section 141(2), (3)(a), (4) and (5)(a) (effect of a review);

(e) section 142(1) and (4) (sections 140 and 141: interpretation);

(f) section 143(2) [F3 ,(2A)(a), (5A)(a) and (b)] and (11)(a) and (b) (Board's obligation to obtain valuation of assets and protected liabilities);

[F4 (fa) section 143A(1)(b) (determinations under section 143);]

(g) section 146(1) (schemes which become eligible schemes);

(h) section 151(1), (2)(b) and (c) and (3)(b) and (c) (application for reconsideration);

(i) [F5 section 152(2), (2A), (2B), (5) and (10A)] (duty to assume responsibility following reconsideration);

(j) section 154(2)(c) and (5)(b) and (c) (requirement to wind up schemes with sufficient assets to meet protected liabilities);

(k) section 157(1) and (3) (applications and notifications where closed schemes have insufficient assets);

(l) [F6 section 158(1), (3) and (3A)] (duty to assume responsibility for closed schemes);

(m) section 159(3)(b)(ii) (closed schemes: further assessment periods)

(n) section 161(1), (2)(a), (3) and (7)(b) (effect of Board assuming responsibility for a scheme);

(o) section 163(3)(a) (adjustments to be made where the Board assumes responsibility for a scheme);

(p) section 164(1) (postponement of compensation entitlement for the assessment period);

(q) section 166(5)(a) and (6) (duty to pay scheme benefits unpaid at assessment date etc); and

(r) section 172(4) and (6) (relationship with fraud compensation regime).

[F7 (5)  Section 175(2)(a)(i) of the Act (pension protection levies) applies as if, for “a scheme’s assets” there were substituted “the assets of the unsecured part of a scheme”. ]

Textual Amendments

F1 Reg. 3(1)(ca) inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(2)(a)

F2 Words in reg. 3(1)(e) substituted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(2)(b)

F3 Words in reg. 3(4)(f) inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(3)(a)

F4 Reg. 3(4)(fa) inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(3)(b)

F5 Words in reg. 3(4)(i) substituted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(3)(c)

F6 Words in reg. 3(4)(l) substituted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(3)(d)

F7 Reg. 3(5) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(5)

Commencement Information

I1 Reg. 3 partly in force; reg. 3 not in force at made date; reg. 3(4)(d)(g) in force at 8.3.2005 for certain purposes and reg. 3 in force at 6.4.2005 in so far as not already in force see reg. 1(1)