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The Pension Protection Fund (Provision of Information) Regulations 2005
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- UK Statutory Instruments
- 2005 No. 674
- Explanatory Note
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- Sch. 3 table words inserted by S.I. 2022/237 Sch. para. 4(2)(a)
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Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision relating to the information which the Board of the Pension Protection Fund (“the Board”), the members and beneficiaries of certain occupational pension schemes, the trustees and managers of such schemes and certain insolvency practitioners are required to provide where compensation is, or may become, payable by the Board.
The Board is established under section 107 of the Pensions Act 2004 to provide compensation for members of certain occupational pension schemes in the event of the insolvency of the scheme's sponsoring employer and where the pension scheme is under-funded at a certain level.
Regulation 3 makes provision as to the information to be provided by the Board to insolvency practitioners in relation to insolvent employers who sponsored an occupational pension scheme, trustees or managers of such schemes where an insolvency event has occurred in relation to the sponsoring employer, such employers and the members and beneficiaries of such schemes.
Regulation 4 makes provision as to the information to be provided by the trustees or managers of such schemes to the Board and to the members and beneficiaries of such schemes.
Regulation 5 makes provision as to the information to be provided by members and beneficiaries of such schemes to the Board.
Regulation 6 makes provision as to the method of providing information and as to certain details to be included whenever information is provided by the Board to members or beneficiaries, or by members or beneficiaries to the Board.
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 Pensions Act 2004 by virtue of which they are made, the requirement for 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.
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