The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 and shall come into force on 30th March 2006.

(2) In these Regulations—

“the Act” means the Pensions Act 2004;

“employer” has the meaning given by regulation 1(3) of the Multi-employer Regulations(1) (interpretation of “employer” in relation to certain multi-employer schemes);

“member” has the meaning given by section 318(1) of the Act except that it does not include a person who is entitled only to money purchase benefits(2);

“the Multi-employer Regulations” means the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005(3);

“multi-employer section” means a section of a segregated scheme which has at least two employers in relation to that section;

“non-segregated scheme” means a multi-employer scheme which is not divided into two or more sections;

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section; and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(1)

Regulation 1(3) of S.I. 2005/441 was substituted by regulation 10(2)(b) of S.I. 2005/2113.

(2)

Section 318(1) of the Act provides that “money purchase benefits” has the meaning given by section 181(1) of the Pension Schemes Act 1993 (c. 48). Section 181 was amended by paragraph 18 of the Schedule to S.I. 2005/2053.

(3)

S.I. 2005/441, amended by S.I. 2005/993 and 2113.