3.—(1) The Pension Protection Fund (Entry Rules) Regulations 2005(1) are amended as follows.
(2) In regulation 1(5) (interpretation)(2)—
(a)in sub-paragraphs (a) and (b), for “C or D” substitute “C, D or E”,
(b)after sub-paragraph (a)(iv), insert—
“(v)condition E is that—
(aa)there is a restructuring within regulation 6ZB or 6ZC of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: exemptions);
(bb)in that restructuring, the employer was the exiting employer for the purposes of those Regulations (see the definition of “exiting employer” in regulation 2(3A) of those Regulations (interpretation)); and
(cc)regulation 6ZA(3) or (4) of those Regulations (employment-cessation events: general) does not apply in relation to that restructuring;”, and
(c)after sub-paragraph (b)(iv), insert—
“(v)condition E is that—
(aa)there is a restructuring within regulation 6ZB or 6ZC of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: exemptions);
(bb)in that restructuring, the employer was the exiting employer for the purposes of those Regulations (see the definition of “exiting employer” in regulation 2(3A) of those Regulations (interpretation)); and
(cc)regulation 6ZA(3) or (4) of those Regulations (employment-cessation events: general) does not apply in relation to that restructuring.”.
(3) In regulation 2(4) (schemes which are not eligible schemes)(3), after sub-paragraph (d) insert—
“(e)a restructuring within regulation 6ZB or 6ZC of those Regulations.”.
Regulation 1(5) was substituted by S.I. 2005/2113.
Regulation 2(4) was substituted by S.I. 2008/731.