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Pensions Act 2004

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Changes over time for: Section 122

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Changes to legislation:

Pensions Act 2004, Section 122 is up to date with all changes known to be in force on or before 01 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

122Insolvency practitioner’s duty to issue notices confirming status of schemeE+W+S
This section has no associated Explanatory Notes

(1)This section applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.

(2)An insolvency practitioner in relation to the employer must—

(a)if he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), or

(b)if he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).

(3)Subsection (4) applies where—

(a)in prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, or

(b)a prescribed event occurs.

(4)If a person who was acting as an insolvency practitioner in relation to the employer immediately before this subsection applies has not been able to confirm in relation to the scheme—

(a)that a scheme rescue is not possible, or

(b)that a scheme rescue has occurred,

he must issue a notice to that effect.

(5)For the purposes of this section—

(a)a person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph, and

(b)a person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph.

(6)Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this section, he must give a copy of that notice to—

(a)the Board,

(b)the Regulator, and

(c)the trustees or managers of the scheme.

(7)A person must comply with an obligation imposed on him by subsection (2), (4) or (6) as soon as reasonably practicable.

(8)Regulations may require notices issued under this section—

(a)to be in a prescribed form;

(b)to contain prescribed information.

Modifications etc. (not altering text)

C1Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C2Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

Commencement Information

I1S. 122 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

I2S. 122 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I3S. 122(1)(2)(4)(6)(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I4S. 122(3)(5)(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

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