The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2018

Amendments to regulation 2

3.—(1) Regulation 2 (interpretation) is amended as follows.

(2) In paragraph (1)—

(a) after the definition of “the corresponding assets”(1) insert—

““deferred debt arrangement” means an arrangement that takes effect in accordance with regulation 6F(2);”;

(b) in the definition of “employer”(3), after “6,” insert “6A, 6F,”;

(c) after the definition of “frozen scheme”(4) insert—

““the FSD Regulations” means the Pensions Regulator (Financial Support Directions etc.) Regulations 2005(5);”.

(3) In paragraph (3A)(6) in the definition of “receiving employer” for sub-paragraph (b)(ii) substitute—

“(ii) not associated but falls within paragraph (3B)(7),”.

(4) After paragraph (3A), insert—

“(3B) An employer falls within this paragraph where it is—

(a) a limited company, limited partnership or limited liability partnership;

(b) a charitable company; or

(c) a CIO.

(3C) For the purposes of paragraph (3B)—

(a) “charitable company”—

(i) in relation to England and Wales, has the meaning given by section 193 of the Charities Act 2011(“the 2011 Act”)(8); and

(ii) in relation to Scotland, has the meaning given by section 112 of the Companies Act 1989(9);

(b) “CIO”—

(i) in relation to England and Wales, means a charitable incorporated organisation within the meaning of Part 11 of the 2011 Act; and

(ii) in relation to Scotland, means a Scottish charitable incorporated organisation within the meaning of section 49 of the Charities and Trustee Investment (Scotland) Act 2005(10);

(c) “limited company” has the meaning given by section 3(1) of the Companies Act 2006(11)Act;

(d) “limited liability partnership” has the meaning given by section 1(2) of the Limited Liability Partnerships Act 2000(12); and

(e) “limited partnership” has the meaning given by section 4 of the Limited Partnerships Act 1907(13).

(3D)  Where regulation 6F(6)(f) applies, the definitions of “exiting employer” and “receiving employer” in paragraph (3A) shall be deemed to include deferred employers.”.

(5) After paragraph (4D)(14) insert—

“(4E) For the purposes of these Regulations “deferred employer” in relation to a multi-employer scheme means a person—

(a) who formerly employed at least one active member of the scheme in respect of whom defined benefits were accruing;

(b) in respect of whom a relevant event has not occurred; and

(c) who—

(i) has proposed to the trustees or managers of the scheme to enter into a deferred debt arrangement; and

(ii) having made that proposal, is participating in a deferred debt arrangement.”.

(1)

The definition of “the corresponding assets” was inserted by S.I. 2008/731.

(2)

Regulation 6F is inserted by regulation 7 of these Regulations.

(3)

The definition of “employer” was amended by S.I. 2008/731.

(4)

The definition of “frozen scheme” was inserted by S.I. 2008/731.

(5)

S.I. 2005/2188. Relevant amending instruments are S.I. 2005/2224, 2008/731, 2009/617, 2010/725 and 2011/2973.

(6)

Paragraph (3A) was inserted by S.I. 2010/725.

(7)

Paragraph (3B) was inserted by these Regulations.

(8)

2011 c.25.

(9)

1989 c.40. Section 112 was amended by S.I. 2006/242 and S.I. 2009/1941.

(10)

2005 asp 10.

(11)

2006 c. 26.

(12)

2000 c.12.

(13)

1907 c.24. Section 4 was amended by the Statute Law Revision Act 1927 (c.24), S.I.s 2003/2904, 2003/3203 and 2017/514. Section 4 was modified by S.I.s 2013/1388 and 2015/1882.

(14)

Paragraph (4D) was inserted by S.I. 2008/731.