The Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) (Amendment and Revocation) Regulations 2020

This Statutory Instrument has been printed in consequence of a defect in S.I. 2020/783 and is being issued free of charge to all known recipients of that Statutory Instrument.

Statutory Instruments

2020 No. 990

Pensions

The Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) (Amendment and Revocation) Regulations 2020

Approved by both Houses of Parliament

Made

14th September 2020

Laid before Parliament

15th September 2020

Coming into force

16th September 2020

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections A51 and A55 of the Insolvency Act 1986(1), sections 901I, 1291 and 1292 of the Companies Act 2006(2) and section 43 of the Corporate Insolvency and Governance Act 2020.

In accordance with section 1291 of the Companies Act 2006, as modified by section 901I(8) of that Act, and section 43 of the Corporate Insolvency and Governance Act 2020, this instrument is made without a draft having been laid before, and approved by a resolution of, each House of Parliament.

(1)

1986 c. 45. Sections A51 and A55 were inserted by section 1 of the Corporate Insolvency and Governance Act 2020 (c. 12). Sections A51 and A55 were applied to relevant CCBS by article 2(A1) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229) (“the 2014 Order”), inserted by article 7(b) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (“the 2020 Order”) (S.I. 2020/744), with modifications set out in Part 1A of Schedule 1 to the 2014 Order, inserted by article 11 of the 2020 Order. The 2014 Order was amended by S.I. 2014/1815. “Relevant CCBS” is defined in article 1(2) of the 2014 Order.

(2)

2006 c. 46. Section 901I was inserted by section 7 of, and Schedule 9 to, the Corporate Insolvency and Governance Act 2020. Section 901I has been applied to relevant societies by article 2(4) of the 2014 Order, inserted by article 7(c) of the 2020 Order, with modifications set out in Part 2 of Schedule 2A to the 2014 Order, inserted by article 12 of the 2020 Order.