PART 2SEGREGATED SCHEMES:
SINGLE EMPLOYER SECTIONS
Application and effect2
1
This regulation applies to a section of a segregated scheme with one employer in relation to that section in circumstances where—
a
an insolvency event occurs in relation to an employer in relation to that section; or
b
the trustees or managers of the scheme become aware that the employer in relation to that section is unlikely to continue as a going concern and meets the requirements prescribed under subsection (1)(b) of section 129 of the Act (applications and notifications for the purposes of section 128).
2
Except as otherwise provided in this Part, in a case to which this regulation applies—
a
Part 2 of the Act, except Chapter 4, shall be read as if it contained the modifications provided for by this Part; and
b
references in Part 2 of the Act, except in Chapter 4, to—
i
“scheme rules” shall be read as if they were references to “scheme rules relating to the section”;
ii
“the scheme” shall be read as if they were references to “the section”;
iii
“the employer” shall be read as if they were references to “the employer in relation to the section”; and
iv
“trustees or managers of the scheme” shall, in relation to a section of a segregated scheme, be read as if they were references to “trustees or managers with ultimate responsibility for the administration of the section”.
3
Paragraph (2) shall not have effect in relation to section 174 of the Act (initial levy).