http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1Pensions Act 2004An Act to make provision relating to pensions and financial planning for retirement and provision relating to entitlement to bereavement payments, and for connected purposes.texttext/xmlenStatute Law Database2024-06-03Expert Participation2024-04-06 Part 2The Board of the Pension Protection FundChapter 1The Board<Emphasis>Establishment</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>The Board of the Pension Protection Fund107There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “the Board”).<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Membership of the Board1081The Board is to consist of the following members—aa chairman,bthe Chief Executive of the Board, andcat least five other persons (“ordinary members”).2The chairman must not be appointed from the staff of the Board or be the chairman of the Regulator.3The number of ordinary members must not exceed any maximum number which may be prescribed.4At least two ordinary members must be appointed from the staff of the Board.5No member of the Determinations Panel established by the Regulator under section 9, or member of the staff of the Regulator, is eligible for appointment as a member of the Board.6Any power to appoint ordinary members must be exercised so as to secure that a majority of the members of the Board are non-executive members.7In this Part—areferences to executive members of the Board are to—ithe Chief Executive, andiithe ordinary members appointed from the staff of the Board, andbreferences to non-executive members of the Board are to members who are not executive members.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Further provision about the Board109Schedule 5 makes further provision about the Board, including provision as to—the appointment of members,the terms of appointment, tenure and remuneration of members,the appointment of the Chief Executive and other staff,the proceedings of the Board,its accounts, andthe status and liability of the Board, its members and staff.<Emphasis>General provision about functions</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Board’s functions1101The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it—aa fund to be known as the Pension Protection Fund, andba fund to be known as the Fraud Compensation Fund.2Sections 175 and 189 make provision for contributions to those funds to be levied by the Board.3The Board also has such other functions as are conferred on it by, or by virtue of, this or any other enactment.<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>Supplementary powers111The Board may do anything which—ais calculated to facilitate the exercise of its functions, orbis incidental or conducive to their exercise.<Emphasis>Non-executive functions</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Non-executive functions1121The functions listed in subsection (4) (in this Part referred to as “the non-executive functions”) are functions of the Board.2The Board must establish a committee to discharge the non-executive functions on its behalf.3Only non-executive members of the Board may be members of that committee.4The non-executive functions are—athe duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;bthe duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;cthe duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;dthe duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.5The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.6The committee’s report must relate to the same period as that covered by the Board’s report.7The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—amay include persons who are not members of the committee, butbmust not include persons who are executive members or other staff of the Board.8The committee may authorise any of its sub-committees to discharge on its behalf—aany of the non-executive functions;bthe duty to prepare a report under subsection (5).<Emphasis>Financial matters</Emphasis><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Investment of funds1131The Board may invest for the purposes of the prudent management of its financial affairs.2When exercising the power conferred by subsection (1) in relation to the Pension Protection Fund, the Board must have regard to—athe interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, andbthe effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.3When exercising the power conferred by subsection (1) in relation to the Fraud Compensation Fund, the Board must have regard to—athe interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, andbthe effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.4For the purposes of subsection (1) there must be at least two fund managers.5For this purpose “fund manager” means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).6The Board must not appoint an individual or firm as a fund manager unless it is satisfied—ain the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, orbin the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Investment principles1141The Board must secure—athat a statement of investment principles is prepared and maintained, andbthat the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.2In this section “statement of investment principles” means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.3Before preparing or revising a statement of investment principles, the Board must comply with any prescribed requirements.4A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Borrowing1151The Board may—aborrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;bgive security for any money borrowed by it.2The Board may not borrow under this section if the effect would be—ato take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, orbto increase the amount by which the aggregate amount so outstanding exceeds that limit.3In this section—borrowing limit” means such limit as the Secretary of State may specify by order;deposit-taker” means—a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ......4The definition of “deposit-taker” in subsection (3) must be read with—asection 22 of the Financial Services and Markets Act 2000,bany relevant order under that section, andcSchedule 2 to that Act.<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">Loans made by the Secretary of State</Addition>115A1The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.2A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Grants116The Secretary of State may pay the Board out of money provided by Parliament such sums as he may determine towards any of its expenses, other than expenditure which by virtue of section 173(3) or 188(3) is payable out of—athe Pension Protection Fund, orbthe Fraud Compensation Fund.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Administration levy1171Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—aexpenditure of the Secretary of State relating to the establishment of the Board;bany expenditure of the Secretary of State under section 116.2An administration levy is payable to the Secretary of State by or on behalf of—athe trustees or managers of an eligible scheme, orbany other prescribed person.3An administration levy is payable at the prescribed rate and at prescribed times.4Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.5An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.6An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.7Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—athe collection and recovery of amounts payable by way of levy under this section;bthe circumstances in which any such amount may be waived.<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>Fees1181Regulations may authorise the Board—ato charge prescribed fees;bto charge fees sufficient to meet prescribed costs.2Regulations under subsection (1) may prescribe, or authorise the Board to determine, the time at which any fee is due.3Any fee which is owed to the Board by virtue of regulations under this section may be recovered as a debt due to the Board.<Emphasis>Annual reports</Emphasis><CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/><CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>Annual reports to Secretary of State1191The Board must prepare a report for each financial year.2Each report—amust deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), andbmust include the report prepared under subsection (5) of section 112 by the committee established under that section.3The matters referred to in subsection (2)(a) are—athe strategic direction of the Board and the manner in which it has been kept under review;bthe steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;cthe Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.4The Board must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.5The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.6In this section “financial year” means—athe period beginning with the date on which the Board is established and ending with the next following 31st March, andbeach successive period of 12 months.S. 107 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 108(1)(2)(5)-(7) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 109 in force at 17.12.2004 for specified purposes by S.I. 2004/3350, art. 2, Sch.S. 110(3) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 111 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 112(1)-(3)(4)(b)(c)(d) in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 116 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.S. 112(4)(a)(7)(8) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 117(4) in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5S. 117(1)(3)(7)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2S. 117(2)(a)(5)(6) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6Pt. 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), 2-11Pt. 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, 72S. 114(1)(b)(3)(4) 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. 3S. 114(1)(a)(2) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 108(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 110(1)(a) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 112(5)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 113 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 119 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 109 in force at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7S. 109 in force at 21.7.2005 for specified purposes by S.I. 2005/1720, art. 2(6)(b); S.I. 2005/2024; S.I. 2005/2025S. 110(1)(b) in force at 1.9.2005 by S.I. 2005/1720, art. 2(16), Sch. Pt. 3S. 109 in force at 1.9.2005 for specified purposes by S.I. 2005/2447, art. 2(4), Sch. Pt. 1Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1S. 110(2) in force at 9.12.2005 by S.I. 2005/3331, art. 2(2), Sch. Pt. 2S. 109 in force at 1.1.2006 for specified purposes and 1.4.2006 for specified purposes by S.I. 2005/3331, art. 2(4), Sch. Pt. 4S. 109 in force at 6.4.2006 for specified purposes by S.I. 2006/560, art. 2(3), Sch. Pt. 3S. 117(7)(b) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by S.I. 2006/2272, art. 2(6)Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)Pt. 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 (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(1)-(19); (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 2 (with reg. 10))Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Pt. 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 (as amended (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(3)-(5); (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(4)(5))Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)S. 115A inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(2)Words in s. 115(2) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(a)Words in s. 115(2)(a) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(b)
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<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
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</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingClass="UnitedKingdomPublicGeneralAct" URI="http://www.legislation.gov.uk/id/effect/key-9d31ad03908125153311aa83ed186887" AffectingProvisions="s. 44(9)(b)" Modified="2024-05-22T08:35:15Z" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" Row="70" AffectedExtent="E+W+S" AffectedNumber="35" Type="inserted" RequiresApplied="false" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" EffectId="key-9d31ad03908125153311aa83ed186887" AffectedProvisions="Sch. 4 para. 13(3)" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedYear="2004" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AppliedModified="2013-12-11T22:01:50.027Z" AffectingNumber="30" AffectingYear="2008" AffectedClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-4" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4">Sch. 4 </ukm:Section>
<ukm:Section Ref="schedule-4-paragraph-13-3" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/4/paragraph/13/3" FoundRef="schedule-4-paragraph-13">para. 13(3)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-44-9-b" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/44/9/b">s. 44(9)(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
<ukm:InForce CommencingURI="http://www.legislation.gov.uk/id/uksi/2012/1682" CommencingClass="UnitedKingdomStatutoryInstrument" Date="2012-06-30" Qualification="wholly in force" CommencingYear="2012" CommencingNumber="1682">
<ukm:CommencingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/article/2">art. 2</ukm:Section>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/uksi/2012/1682/schedule/2">Sch. 2</ukm:Section>
</ukm:CommencingProvisions>
</ukm:InForce>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AppliedModified="2013-12-11T22:01:50.027Z" Notes="This amendment not applied to legislation.gov.uk. Sch. 8 para. 10 (3.1.2012) omitted without ever being in force by virtue of 2011 c. 19, Sch. 4 para. 20; S.I. 2011/3034 art. 3(i)(iv)" EffectId="key-ae08bd307a25c429c10b3cf4b1061f72" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2008/30" AffectedNumber="35" Comments="Repealed without ever being in force" AffectingYear="2008" AffectedProvisions="Sch. 7 para. 21(2)(c)-(cc)" AffectedYear="2004" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingProvisions="Sch. 8 para. 11" Type="substituted for Sch. 7 para. 21(2)(b)(c)" AffectedExtent="E+W+S" AffectingNumber="30" URI="http://www.legislation.gov.uk/id/effect/key-ae08bd307a25c429c10b3cf4b1061f72" Modified="2024-05-22T08:35:15Z" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Row="72" AffectingClass="UnitedKingdomPublicGeneralAct" RequiresApplied="false" AffectedClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="schedule-7" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7">Sch. 7 </ukm:Section>
<ukm:SectionRange Start="schedule-7-paragraph-21-2-c" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/c" End="schedule-7-paragraph-21-2-cc" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/cc" FoundEnd="schedule-7-paragraph-21" MissingEnd="true">
<ukm:Section Ref="schedule-7-paragraph-21-2-c" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/c">para. 21(2)(c)</ukm:Section>
-
<ukm:Section Ref="schedule-7-paragraph-21-2-cc" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/schedule/7/paragraph/21/2/cc" FoundRef="schedule-7-paragraph-21">(cc)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pensions Act 2008</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-8" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/8">Sch. 8 </ukm:Section>
<ukm:Section Ref="schedule-8-paragraph-11" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/schedule/8/paragraph/11">para. 11</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-149-1" URI="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/1">s. 149(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedNumber="35" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Type="inserted" Modified="2024-05-22T08:35:15Z" Row="15" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" AffectedYear="2004" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" RequiresApplied="true" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingYear="2021" EffectId="key-80179df5f0ccd9231a58f5eb2ec8add2" AffectedExtent="E+W+S" URI="http://www.legislation.gov.uk/id/effect/key-80179df5f0ccd9231a58f5eb2ec8add2" AffectingProvisions="s. 104(2)" AffectingNumber="1" AffectedProvisions="s. 38(7)(da)">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-38-7-da" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/7/da" FoundRef="section-38">s. 38(7)(da)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-104-2" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/104/2">s. 104(2)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Modified="2024-05-22T08:35:15Z" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingProvisions="s. 109(3)" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" URI="http://www.legislation.gov.uk/id/effect/key-b0c1230a6619b0a1c89c3088d499c2d0" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Type="inserted" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" AffectedExtent="E+W+S" AffectedYear="2004" Row="20" AffectingNumber="1" RequiresApplied="true" AffectingYear="2021" EffectId="key-b0c1230a6619b0a1c89c3088d499c2d0" AffectedProvisions="s. 80(1)(a)(iib)" AffectedNumber="35" AffectedClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-80-1-a" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/80/1/a">s. 80(1)(a)</ukm:Section>
<ukm:Section Ref="section-80-1-iib" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/80/1/iib" FoundRef="section-80">(iib)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-109-3" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/109/3">s. 109(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Type="inserted" AffectedProvisions="s. 291(4)(f) and word" AffectedClass="UnitedKingdomPublicGeneralAct" URI="http://www.legislation.gov.uk/id/effect/key-d29fa2e87a4be7b6562c98b53c711160" Modified="2024-05-22T08:35:15Z" AffectingClass="UnitedKingdomPublicGeneralAct" AffectedNumber="35" AffectingYear="2021" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/1" EffectId="key-d29fa2e87a4be7b6562c98b53c711160" RequiresApplied="false" Row="59" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedYear="2004" AffectingProvisions="Sch. 3 para. 19(b)" AffectedExtent="E+W+S" AffectingNumber="1" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-291-4-f" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/291/4/f" FoundRef="section-291">s. 291(4)(f)</ukm:Section>
and word
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-3" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3">Sch. 3 </ukm:Section>
<ukm:Section Ref="schedule-3-paragraph-19-b" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/schedule/3/paragraph/19/b">para. 19(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-131-1" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/1">s. 131(1)</ukm:Section>
<ukm:Section Ref="section-131-3-a" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a">s. 131(3)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Date="2021-02-11" Qualification="for specified purposes"/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedProvisions="s. 23(1A)" Modified="2024-05-22T08:35:15Z" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedExtent="E+W+S" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingYear="2015" Row="11" EffectId="key-49c9364128c0405f527ad7e63ed90326" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" RequiresApplied="true" AffectingProvisions="Sch. 2 para. 26(3)" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="8" AffectedYear="2004" AffectingClass="UnitedKingdomPublicGeneralAct" URI="http://www.legislation.gov.uk/id/effect/key-49c9364128c0405f527ad7e63ed90326" AffectedClass="UnitedKingdomPublicGeneralAct" Type="inserted" AffectedNumber="35">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-23-1A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/23/1A" FoundRef="section-23">s. 23(1A)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-26-3" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/26/3">para. 26(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedYear="2004" RequiresApplied="true" Type="inserted" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="8" AffectedClass="UnitedKingdomPublicGeneralAct" EffectId="key-a89527790b7e936015462cf2969cdf7b" AffectedProvisions="s. 23(10A)" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" Row="13" URI="http://www.legislation.gov.uk/id/effect/key-a89527790b7e936015462cf2969cdf7b" AffectedExtent="E+W+S" AffectingYear="2015" AffectedNumber="35" AffectingClass="UnitedKingdomPublicGeneralAct" Modified="2024-05-22T08:35:15Z" AffectingProvisions="Sch. 2 para. 26(5)" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-23-10A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/23/10A" FoundRef="section-23">s. 23(10A)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-26-5" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/26/5">para. 26(5)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingYear="2015" Type="substituted for s. 38(1)" EffectId="key-b81068b7d87411b9e52a05a373639d1a" AffectingProvisions="Sch. 2 para. 27" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectedProvisions="s. 38(1)-(1B)" Row="14" RequiresApplied="true" AffectedExtent="E+W+S" Modified="2024-05-22T08:35:15Z" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedYear="2004" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingClass="UnitedKingdomPublicGeneralAct" URI="http://www.legislation.gov.uk/id/effect/key-b81068b7d87411b9e52a05a373639d1a" AffectingNumber="8" AffectedNumber="35" AffectedClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-38-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1" End="section-38-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1B" FoundEnd="section-38" MissingEnd="true">
<ukm:Section Ref="section-38-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1">s. 38(1)</ukm:Section>
-
<ukm:Section Ref="section-38-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/38/1B" FoundRef="section-38">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-27" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/27">para. 27</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Type="substituted for s. 43(1)" AffectingProvisions="Sch. 2 para. 28(2)" AffectedClass="UnitedKingdomPublicGeneralAct" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="8" URI="http://www.legislation.gov.uk/id/effect/key-1aa979989ecb84a54831e58f906bdb9c" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingYear="2015" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8" AffectingClass="UnitedKingdomPublicGeneralAct" Row="16" RequiresApplied="true" AffectedYear="2004" EffectId="key-1aa979989ecb84a54831e58f906bdb9c" Modified="2024-05-22T08:35:15Z" AffectedProvisions="s. 43(1)-(1B)" AffectedNumber="35" AffectedExtent="E+W+S">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:SectionRange Start="section-43-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1" End="section-43-1B" UpTo="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1B" FoundEnd="section-43" MissingEnd="true">
<ukm:Section Ref="section-43-1" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1">s. 43(1)</ukm:Section>
-
<ukm:Section Ref="section-43-1B" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/43/1B" FoundRef="section-43">(1B)</ukm:Section>
</ukm:SectionRange>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Pension Schemes Act 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2">Sch. 2 </ukm:Section>
<ukm:Section Ref="schedule-2-paragraph-28-2" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/schedule/2/paragraph/28/2">para. 28(2)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-87" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/87">s. 87</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-89-4-a" URI="http://www.legislation.gov.uk/id/ukpga/2015/8/section/89/4/a">s. 89(4)(a)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedYear="2004" Modified="2024-05-22T08:35:15Z" RequiresApplied="true" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" EffectId="key-111c865d0f84895a5bfacde0433a18f7" AffectingProvisions="Sch. 2 para. 29" AffectingClass="UnitedKingdomPublicGeneralAct" Comments="Contains power" AffectedProvisions="s. 52(1)-(1B)" AffectedExtent="E+W+S" AffectingYear="2015" AffectedNumber="35" Type="substituted for s. 52(1)" URI="http://www.legislation.gov.uk/id/effect/key-111c865d0f84895a5bfacde0433a18f7" AffectedClass="UnitedKingdomPublicGeneralAct" Row="18" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="8" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2004/35" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2015/8">
<ukm:AffectedTitle>Pensions Act 2004</ukm:AffectedTitle>
<ukm:AffectedProvisions>
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<Strong>Part 2</Strong>
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<Title>The Board of the Pension Protection Fund</Title>
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Chapter 1
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<Title>The Board</Title>
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<Emphasis>Establishment</Emphasis>
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The Board of the Pension Protection Fund
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107
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There shall be a body corporate called the Board of the Pension Protection Fund (in this Act referred to as “
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<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>
Membership of the Board
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108" id="section-108">
<Pnumber PuncAfter="">108</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/1" id="section-108-1" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2136ade1183767861820468ec1fc7d1d"/>
1
</Pnumber>
<P2para>
<Text>The Board is to consist of the following members—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/1/a" id="section-108-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>a chairman,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/1/b" id="section-108-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the Chief Executive of the Board, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/1/c" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/1/c" id="section-108-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>at least five other persons (“ordinary members”).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/2" id="section-108-2" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2136ade1183767861820468ec1fc7d1d"/>
2
</Pnumber>
<P2para>
<Text>The chairman must not be appointed from the staff of the Board or be the chairman of the Regulator.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/3" id="section-108-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The number of ordinary members must not exceed any maximum number which may be prescribed.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/4" RestrictStartDate="2005-04-06" id="section-108-4">
<Pnumber>
<CommentaryRef Ref="key-8080a32d595df859a48013ce93c2a9f2"/>
4
</Pnumber>
<P2para>
<Text>At least two ordinary members must be appointed from the staff of the Board.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/5" id="section-108-5" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2136ade1183767861820468ec1fc7d1d"/>
5
</Pnumber>
<P2para>
<Text>No member of the Determinations Panel established by the Regulator under section 9, or member of the staff of the Regulator, is eligible for appointment as a member of the Board.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/6" id="section-108-6" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2136ade1183767861820468ec1fc7d1d"/>
6
</Pnumber>
<P2para>
<Text>Any power to appoint ordinary members must be exercised so as to secure that a majority of the members of the Board are non-executive members.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/7" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/7" id="section-108-7" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2136ade1183767861820468ec1fc7d1d"/>
7
</Pnumber>
<P2para>
<Text>In this Part—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/7/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/7/a" id="section-108-7-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>references to executive members of the Board are to—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/7/a/i" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/7/a/i" id="section-108-7-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the Chief Executive, and</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/7/a/ii" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/7/a/ii" id="section-108-7-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the ordinary members appointed from the staff of the Board, and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/108/7/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/108/7/b" id="section-108-7-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>references to non-executive members of the Board are to members who are not executive members.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2006-04-06">
<Title>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>
Further provision about the Board
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/109" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/109" id="section-109">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-a39ee683a69c323792a84c0d1eda56eb"/>
<CommentaryRef Ref="key-54db3f4e321fb808cee5fd833134c5d1"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-44c40810bf1eb53658196881ef64a6c3"/>
<CommentaryRef Ref="key-85793614784c6a2a9d6d4c85fa14bdd6"/>
<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>
<CommentaryRef Ref="key-12f04822c56b826e547d3d8db8f91345"/>
<CommentaryRef Ref="key-012cae74a7463118eed592883ed617cb"/>
109
</Pnumber>
<P1para>
<Text>Schedule 5 makes further provision about the Board, including provision as to—</Text>
<UnorderedList Decoration="none">
<ListItem>
<Para>
<Text>the appointment of members,</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>the terms of appointment, tenure and remuneration of members,</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>the appointment of the Chief Executive and other staff,</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>the proceedings of the Board,</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>its accounts, and</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>the status and liability of the Board, its members and staff.</Text>
</Para>
</ListItem>
</UnorderedList>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1/crossheading/general-provision-about-functions" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/part/2/chapter/1/crossheading/general-provision-about-functions" NumberOfProvisions="2" id="part-2-chapter-1-crossheading-general-provision-about-functions" RestrictStartDate="2005-12-09">
<Title>
<Emphasis>General provision about functions</Emphasis>
</Title>
<P1group RestrictStartDate="2005-12-09">
<Title>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>
Board’s functions
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110" id="section-110">
<Pnumber PuncAfter="">110</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110/1" id="section-110-1" RestrictStartDate="2005-09-01">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Board must hold, manage and apply, in accordance with this Part and any provision in force in Northern Ireland corresponding to it—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110/1/a" id="section-110-1-a" RestrictStartDate="2005-04-06">
<Pnumber>
<CommentaryRef Ref="key-9fe98efea81042ff9c79fbeeaef397e7"/>
a
</Pnumber>
<P3para>
<Text>a fund to be known as the Pension Protection Fund, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110/1/b" id="section-110-1-b" RestrictStartDate="2005-09-01">
<Pnumber>
<CommentaryRef Ref="key-e722d6d28f0de796e335ecf3f5e8752f"/>
b
</Pnumber>
<P3para>
<Text>a fund to be known as the Fraud Compensation Fund.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110/2" id="section-110-2" RestrictStartDate="2005-12-09">
<Pnumber>
<CommentaryRef Ref="key-437e9371d94271e4d8fade3f53a225fc"/>
2
</Pnumber>
<P2para>
<Text>Sections 175 and 189 make provision for contributions to those funds to be levied by the Board.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/110/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/110/3" id="section-110-3" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-5f8f677f1444de159cd1f866b35efb2d"/>
3
</Pnumber>
<P2para>
<Text>The Board also has such other functions as are conferred on it by, or by virtue of, this or any other enactment.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2004-12-17">
<Title>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-9f7630100fb0bee3a3dbda1545f54369"/>
Supplementary powers
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/111" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/111" id="section-111">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-c1099865686cf1b04574dd36453f0602"/>
111
</Pnumber>
<P1para>
<Text>The Board may do anything which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/111/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/111/a" id="section-111-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>is calculated to facilitate the exercise of its functions, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/111/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/111/b" id="section-111-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is incidental or conducive to their exercise.</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1/crossheading/nonexecutive-functions" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/part/2/chapter/1/crossheading/nonexecutive-functions" NumberOfProvisions="1" id="part-2-chapter-1-crossheading-nonexecutive-functions" RestrictStartDate="2005-04-06">
<Title>
<Emphasis>Non-executive functions</Emphasis>
</Title>
<P1group ConfersPower="true" RestrictStartDate="2005-04-06">
<Title>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
Non-executive functions
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112" id="section-112">
<Pnumber PuncAfter="">112</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/1" id="section-112-1" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
1
</Pnumber>
<P2para>
<Text>
The functions listed in subsection (4) (in this Part referred to as “
<Term id="term-the-non-executive-functions">the non-executive functions</Term>
”) are functions of the Board.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/2" id="section-112-2" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
2
</Pnumber>
<P2para>
<Text>The Board must establish a committee to discharge the non-executive functions on its behalf.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/3" id="section-112-3" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
3
</Pnumber>
<P2para>
<Text>Only non-executive members of the Board may be members of that committee.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/4" id="section-112-4" RestrictStartDate="2005-02-10">
<Pnumber>4</Pnumber>
<P2para>
<Text>The non-executive functions are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/4/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/4/a" id="section-112-4-a" RestrictStartDate="2005-02-10">
<Pnumber>
<CommentaryRef Ref="key-3b2394c2236c5a82721c26f5ed609aa7"/>
a
</Pnumber>
<P3para>
<Text>the duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/4/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/4/b" id="section-112-4-b" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
b
</Pnumber>
<P3para>
<Text>the duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/4/c" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/4/c" id="section-112-4-c" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
c
</Pnumber>
<P3para>
<Text>the duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/4/d" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/4/d" id="section-112-4-d" RestrictStartDate="2004-12-17">
<Pnumber>
<CommentaryRef Ref="key-2ac43ccd812fba35ee38d1337fca272b"/>
d
</Pnumber>
<P3para>
<Text>the duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/5" RestrictStartDate="2005-04-06" id="section-112-5">
<Pnumber>
<CommentaryRef Ref="key-bda9fc2660545ac5a86ad3de92b658e3"/>
5
</Pnumber>
<P2para>
<Text>The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/6" RestrictStartDate="2005-04-06" id="section-112-6">
<Pnumber>
<CommentaryRef Ref="key-bda9fc2660545ac5a86ad3de92b658e3"/>
6
</Pnumber>
<P2para>
<Text>The committee’s report must relate to the same period as that covered by the Board’s report.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/7" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/7" id="section-112-7" RestrictStartDate="2005-02-10">
<Pnumber>
<CommentaryRef Ref="key-3b2394c2236c5a82721c26f5ed609aa7"/>
7
</Pnumber>
<P2para>
<Text>The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/7/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/7/a" id="section-112-7-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>may include persons who are not members of the committee, but</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/7/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/7/b" id="section-112-7-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>must not include persons who are executive members or other staff of the Board.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/8" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/8" id="section-112-8" RestrictStartDate="2005-02-10">
<Pnumber>
<CommentaryRef Ref="key-3b2394c2236c5a82721c26f5ed609aa7"/>
8
</Pnumber>
<P2para>
<Text>The committee may authorise any of its sub-committees to discharge on its behalf—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/8/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/8/a" id="section-112-8-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any of the non-executive functions;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/112/8/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/112/8/b" id="section-112-8-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the duty to prepare a report under subsection (5).</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1/crossheading/financial-matters" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/part/2/chapter/1/crossheading/financial-matters" NumberOfProvisions="7" id="part-2-chapter-1-crossheading-financial-matters" RestrictStartDate="2021-10-20">
<Title>
<Emphasis>Financial matters</Emphasis>
</Title>
<P1group RestrictStartDate="2005-04-06">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Investment of funds
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113" id="section-113">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-c4bd9a99b1c773331ff960adcdd2b76a"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
113
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/1" id="section-113-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Board may invest for the purposes of the prudent management of its financial affairs.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/2" id="section-113-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>When exercising the power conferred by subsection (1) in relation to the Pension Protection Fund, the Board must have regard to—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/2/a" id="section-113-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/2/b" id="section-113-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/3" id="section-113-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>When exercising the power conferred by subsection (1) in relation to the Fraud Compensation Fund, the Board must have regard to—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/3/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/3/a" id="section-113-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/3/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/3/b" id="section-113-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/4" id="section-113-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>For the purposes of subsection (1) there must be at least two fund managers.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/5" id="section-113-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
For this purpose “
<Term id="term-fund-manager">fund manager</Term>
” means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/6" id="section-113-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>The Board must not appoint an individual or firm as a fund manager unless it is satisfied—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/6/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/6/a" id="section-113-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>in the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/113/6/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/113/6/b" id="section-113-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictExtent="E+W+S+N.I." RestrictStartDate="2005-04-06">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Investment principles
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114" id="section-114">
<Pnumber PuncAfter="">114</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/1" RestrictStartDate="2005-04-06" id="section-114-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Board must secure—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/1/a" RestrictStartDate="2005-04-06" id="section-114-1-a">
<Pnumber>
<CommentaryRef Ref="key-acc5354d064e789ff267795a46a86abb"/>
a
</Pnumber>
<P3para>
<Text>that a statement of investment principles is prepared and maintained, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/1/b" RestrictStartDate="2005-04-06" id="section-114-1-b">
<Pnumber>
<CommentaryRef Ref="key-7497f53be928e968f686eb4365dfa81c"/>
b
</Pnumber>
<P3para>
<Text>that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/2" RestrictStartDate="2005-04-06" id="section-114-2">
<Pnumber>
<CommentaryRef Ref="key-acc5354d064e789ff267795a46a86abb"/>
2
</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-statement-of-investment-principles">statement of investment principles</Term>
” means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/3" RestrictStartDate="2005-04-06" id="section-114-3">
<Pnumber>
<CommentaryRef Ref="key-7497f53be928e968f686eb4365dfa81c"/>
3
</Pnumber>
<P2para>
<Text>Before preparing or revising a statement of investment principles, the Board must comply with any prescribed requirements.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/114/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/114/4" RestrictStartDate="2005-04-06" id="section-114-4">
<Pnumber>
<CommentaryRef Ref="key-7497f53be928e968f686eb4365dfa81c"/>
4
</Pnumber>
<P2para>
<Text>A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictExtent="E+W+S+N.I." RestrictStartDate="2021-10-20">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Borrowing
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115" id="section-115">
<Pnumber PuncAfter="">115</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/1" id="section-115-1" RestrictStartDate="2005-03-08">
<Pnumber>
<CommentaryRef Ref="key-3d8976f4be6595cc28aa5f86373570d6"/>
1
</Pnumber>
<P2para>
<Text>The Board may—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/1/a" id="section-115-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/1/b" id="section-115-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>give security for any money borrowed by it.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2" id="section-115-2" RestrictStartDate="2005-03-08">
<Pnumber>
<CommentaryRef Ref="key-3d8976f4be6595cc28aa5f86373570d6"/>
2
</Pnumber>
<P2para>
<Text>
The Board may not borrow
<Addition ChangeId="key-58600a1a39b265e360657bed244aeccb-1638367250787" CommentaryRef="key-58600a1a39b265e360657bed244aeccb">under this section</Addition>
if the effect would be—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2/a" id="section-115-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
to take the aggregate amount outstanding in respect of the principal of sums borrowed by it
<Addition ChangeId="key-64c8738fd068be0bc2deae8cc925a083-1638368010622" CommentaryRef="key-64c8738fd068be0bc2deae8cc925a083">under this section</Addition>
over its borrowing limit, or
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2/b" id="section-115-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>to increase the amount by which the aggregate amount so outstanding exceeds that limit.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/3" id="section-115-3" RestrictStartDate="2005-03-08">
<Pnumber>
<CommentaryRef Ref="key-0ce39c84aff44efc3258b528fcc84e71"/>
<CommentaryRef Ref="key-95bee3036df9ff7f469ceb7d7ae6aadb"/>
3
</Pnumber>
<P2para>
<Text>In this section—</Text>
</P2para>
</P2>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-borrowing-limit">borrowing limit</Term>
” means such limit as the Secretary of State may specify by order;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-deposit-taker">deposit-taker</Term>
” means—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>
a person who has permission under
<Substitution ChangeId="key-184b64f840015f1bcfe8b895f35aece1-1595018047953" CommentaryRef="key-184b64f840015f1bcfe8b895f35aece1">Part 4A</Substitution>
of the Financial Services and Markets Act 2000 (c. 8) to accept deposits,
<CommentaryRef Ref="key-ffdd1dbec39fc629562f18bf402d9767"/>
...
</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>
<CommentaryRef Ref="key-ffdd1dbec39fc629562f18bf402d9767"/>
...
</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
</UnorderedList>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/4" id="section-115-4" RestrictStartDate="2005-03-08">
<Pnumber>
<CommentaryRef Ref="key-3d8976f4be6595cc28aa5f86373570d6"/>
4
</Pnumber>
<P2para>
<Text>The definition of “deposit-taker” in subsection (3) must be read with—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/4/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/4/a" id="section-115-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>section 22 of the Financial Services and Markets Act 2000,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/4/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/4/b" id="section-115-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any relevant order under that section, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115/4/c" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/4/c" id="section-115-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>Schedule 2 to that Act.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2021-10-20">
<Title>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">Loans made by the Secretary of State</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115A" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115A" id="section-115A">
<Pnumber>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">115A</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115A/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115A/1" id="section-115A-1">
<Pnumber>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/115A/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115A/2" id="section-115A-2">
<Pnumber>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-371e4304f67a614a772260bc65fd0e75-1638366574658" CommentaryRef="key-371e4304f67a614a772260bc65fd0e75">A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.</Addition>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S" RestrictStartDate="2004-12-17">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Grants
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/116" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/116" id="section-116">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-43942ca8e8dce655343f125084f79ce6"/>
116
</Pnumber>
<P1para>
<Text>The Secretary of State may pay the Board out of money provided by Parliament such sums as he may determine towards any of its expenses, other than expenditure which by virtue of section 173(3) or 188(3) is payable out of—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/116/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/116/a" id="section-116-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the Pension Protection Fund, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/116/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/116/b" id="section-116-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the Fraud Compensation Fund.</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictExtent="E+W+S" RestrictStartDate="2007-03-01">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Administration levy
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117" id="section-117">
<Pnumber PuncAfter="">117</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/1" id="section-117-1" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-639a395f9f8ebd6b8b223fd5f649e66f"/>
1
</Pnumber>
<P2para>
<Text>Regulations may provide for the imposition of a levy (“administration levy”) in respect of eligible schemes (see section 126) for the purpose of meeting—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/1/a" id="section-117-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>expenditure of the Secretary of State relating to the establishment of the Board;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/1/b" id="section-117-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any expenditure of the Secretary of State under section 116.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/2" id="section-117-2" RestrictStartDate="2005-04-01">
<Pnumber>2</Pnumber>
<P2para>
<Text>An administration levy is payable to the Secretary of State by or on behalf of—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/2/a" id="section-117-2-a" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-6b5cd400f739ff2739f47ade9f1e7800"/>
a
</Pnumber>
<P3para>
<Text>the trustees or managers of an eligible scheme, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/2/b" id="section-117-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any other prescribed person.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/3" id="section-117-3" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-639a395f9f8ebd6b8b223fd5f649e66f"/>
3
</Pnumber>
<P2para>
<Text>An administration levy is payable at the prescribed rate and at prescribed times.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/4" id="section-117-4" RestrictStartDate="2005-02-10">
<Pnumber>
<CommentaryRef Ref="key-e13d8cefd4a2aad6ed45fcda6665fb48"/>
4
</Pnumber>
<P2para>
<Text>Before prescribing a rate under subsection (3), the Secretary of State must consult the Board.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/5" id="section-117-5" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-6b5cd400f739ff2739f47ade9f1e7800"/>
5
</Pnumber>
<P2para>
<Text>An amount payable by a person on account of an administration levy is a debt due from him to the Secretary of State.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/6" id="section-117-6" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-6b5cd400f739ff2739f47ade9f1e7800"/>
6
</Pnumber>
<P2para>
<Text>An amount so payable is recoverable by the Secretary of State or, if he so determines, by the Regulator on his behalf.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/7" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/7" id="section-117-7" RestrictStartDate="2007-03-01">
<Pnumber>7</Pnumber>
<P2para>
<Text>Without prejudice to the generality of subsections (1), (5) and (6), regulations under this section may include provision relating to—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/7/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/7/a" id="section-117-7-a" RestrictStartDate="2005-04-01">
<Pnumber>
<CommentaryRef Ref="key-639a395f9f8ebd6b8b223fd5f649e66f"/>
a
</Pnumber>
<P3para>
<Text>the collection and recovery of amounts payable by way of levy under this section;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/117/7/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/117/7/b" id="section-117-7-b" RestrictStartDate="2007-03-01">
<Pnumber>
<CommentaryRef Ref="key-8368c3555e339a82870db6154bf1e851"/>
b
</Pnumber>
<P3para>
<Text>the circumstances in which any such amount may be waived.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" Status="Prospective" Match="false">
<Title>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
Fees
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118" id="section-118">
<Pnumber PuncAfter="">118</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118/1" id="section-118-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may authorise the Board—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118/1/a" id="section-118-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>to charge prescribed fees;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118/1/b" id="section-118-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>to charge fees sufficient to meet prescribed costs.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118/2" id="section-118-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations under subsection (1) may prescribe, or authorise the Board to determine, the time at which any fee is due.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/118/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/118/3" id="section-118-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Any fee which is owed to the Board by virtue of regulations under this section may be recovered as a debt due to the Board.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/part/2/chapter/1/crossheading/annual-reports" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/part/2/chapter/1/crossheading/annual-reports" NumberOfProvisions="1" id="part-2-chapter-1-crossheading-annual-reports" RestrictStartDate="2005-04-06">
<Title>
<Emphasis>Annual reports</Emphasis>
</Title>
<P1group RestrictStartDate="2005-04-06">
<Title>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
Annual reports to Secretary of State
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119" id="section-119">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-85c125eb77491862bc39b0b935a88197"/>
<CommentaryRef Ref="key-a7ed8489e179b987a8f0f27af89fb104"/>
<CommentaryRef Ref="key-8ae4f61b00045ebee33fee3b22100c82"/>
119
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/1" id="section-119-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Board must prepare a report for each financial year.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/2" id="section-119-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Each report—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/2/a" id="section-119-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>must deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/2/b" id="section-119-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>must include the report prepared under subsection (5) of section 112 by the committee established under that section.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/3" id="section-119-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The matters referred to in subsection (2)(a) are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/3/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/3/a" id="section-119-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the strategic direction of the Board and the manner in which it has been kept under review;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/3/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/3/b" id="section-119-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/3/c" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/3/c" id="section-119-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>the Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/4" id="section-119-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>The Board must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/5" id="section-119-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/6" id="section-119-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-financial-year">financial year</Term>
” means—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/6/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/6/a" id="section-119-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the period beginning with the date on which the Board is established and ending with the next following 31st March, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2004/35/section/119/6/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/119/6/b" id="section-119-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>each successive period of 12 months.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Chapter>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-ba5ac5eef30e436d006e511890e407a9" Type="I">
<Para>
<Text>
S. 107 in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00179" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00180" CitationRef="c6bvvx993-00179" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00181" CitationRef="c6bvvx993-00179" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-2136ade1183767861820468ec1fc7d1d" Type="I">
<Para>
<Text>
S. 108(1)(2)(5)-(7) in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00196" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00197" CitationRef="c6bvvx993-00196" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00198" CitationRef="c6bvvx993-00196" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-a39ee683a69c323792a84c0d1eda56eb" Type="I">
<Para>
<Text>
S. 109 in force at 17.12.2004 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00207" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00208" CitationRef="c6bvvx993-00207" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00209" CitationRef="c6bvvx993-00207" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-5f8f677f1444de159cd1f866b35efb2d" Type="I">
<Para>
<Text>
S. 110(3) in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00218" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00219" CitationRef="c6bvvx993-00218" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00220" CitationRef="c6bvvx993-00218" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c1099865686cf1b04574dd36453f0602" Type="I">
<Para>
<Text>
S. 111 in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00229" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00230" CitationRef="c6bvvx993-00229" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00231" CitationRef="c6bvvx993-00229" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-2ac43ccd812fba35ee38d1337fca272b" Type="I">
<Para>
<Text>
S. 112(1)-(3)(4)(b)(c)(d) in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00249" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef id="c6bvvx993-00250" CitationRef="c6bvvx993-00249" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c6bvvx993-00251" CitationRef="c6bvvx993-00249" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-43942ca8e8dce655343f125084f79ce6" Type="I">
<Para>
<Text>
S. 116 in force at 17.12.2004 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2004/3350" id="c6bvvx993-00260" Class="UnitedKingdomStatutoryInstrument" Year="2004" Number="3350" Title="The Pensions Act 2004 (Commencement No. 1 and Consequential and Transitional Provisions) Order 2004">S.I. 2004/3350</Citation>
,
<CitationSubRef CitationRef="c6bvvx993-00260" id="c6bvvx993-00261" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/article/2" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef CitationRef="c6bvvx993-00260" id="c6bvvx993-00262" URI="http://www.legislation.gov.uk/id/uksi/2004/3350/schedule" SectionRef="schedule" Operative="true">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-3b2394c2236c5a82721c26f5ed609aa7" Type="I">
<Para>
<Text>
S. 112(4)(a)(7)(8) in force at 10.2.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c6byyf423-01331" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c6byyf423-01332" CitationRef="c6byyf423-01331" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/4" SectionRef="article-2-4">art. 2(4)</CitationSubRef>
,
<CitationSubRef id="c6byyf423-01333" CitationRef="c6byyf423-01331" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/4" SectionRef="schedule-part-4" Operative="true">Sch. Pt. 4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e13d8cefd4a2aad6ed45fcda6665fb48" Type="I">
<Para>
<Text>
S. 117(4) in force at 10.2.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c6byyf423-01342" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c6byyf423-01342" id="c6byyf423-01343" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/4" SectionRef="article-2-4">art. 2(4)</CitationSubRef>
,
<CitationSubRef CitationRef="c6byyf423-01342" id="c6byyf423-01344" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/4" SectionRef="schedule-part-4" Operative="true">Sch. Pt. 4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-0ce39c84aff44efc3258b528fcc84e71" Type="I">
<Para>
<Text>
S. 115(3) in force at 10.2.2005 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c6byyf423-00009" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c6byyf423-00009" id="c6byyf423-00010" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/1" SectionRef="article-2-1">art. 2(1)</CitationSubRef>
,
<CitationSubRef CitationRef="c6byyf423-00009" id="c6byyf423-00011" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-3d8976f4be6595cc28aa5f86373570d6" Type="I">
<Para>
<Text>
S. 115(1)(2)(4) in force at 8.3.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c6c6bbjk3-00089" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c6c6bbjk3-00089" id="c6c6bbjk3-00090" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/5" SectionRef="article-2-5">art. 2(5)</CitationSubRef>
,
<CitationSubRef CitationRef="c6c6bbjk3-00089" id="c6c6bbjk3-00091" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/5" SectionRef="schedule-part-5" Operative="true">Sch. Pt. 5</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-95bee3036df9ff7f469ceb7d7ae6aadb" Type="I">
<Para>
<Text>
S. 115(3) in force at 8.3.2005 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c6c6bbjk3-00100" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c6c6bbjk3-00100" id="c6c6bbjk3-00101" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/5" SectionRef="article-2-5">art. 2(5)</CitationSubRef>
,
<CitationSubRef CitationRef="c6c6bbjk3-00100" id="c6c6bbjk3-00102" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/5" SectionRef="schedule-part-5" Operative="true">Sch. Pt. 5</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-639a395f9f8ebd6b8b223fd5f649e66f" Type="I">
<Para>
<Text>
S. 117(1)(3)(7)(a) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c82nk6dl3-00095" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c82nk6dl3-00095" id="c82nk6dl3-00096" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/2" SectionRef="article-2-2">art. 2(2)</CitationSubRef>
,
<CitationSubRef CitationRef="c82nk6dl3-00095" id="c82nk6dl3-00097" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/2" SectionRef="schedule-part-2" Operative="true">Sch. Pt. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-6b5cd400f739ff2739f47ade9f1e7800" Type="I">
<Para>
<Text>
S. 117(2)(a)(5)(6) in force at 1.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c82nk6dl3-00267" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c82nk6dl3-00267" id="c82nk6dl3-00268" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/6" SectionRef="article-2-6">art. 2(6)</CitationSubRef>
,
<CitationSubRef CitationRef="c82nk6dl3-00267" id="c82nk6dl3-00269" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/6" SectionRef="schedule-part-6" Operative="true">Sch. Pt. 6</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-a7ed8489e179b987a8f0f27af89fb104" Type="C">
<Para>
<Text>
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/277" id="c8sipu0q3-00150" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="277" Title="The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005">The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277)</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-00150" id="c8sipu0q3-00151" URI="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/1/1" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-00150" id="c8sipu0q3-00152" URI="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/2" UpTo="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/11" StartSectionRef="regulation-2" EndSectionRef="regulation-11" Operative="true">2-11</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8ae4f61b00045ebee33fee3b22100c82" Type="C">
<Para>
<Text>
Pt. 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
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/441" id="c8sipu0q3-00161" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="441" Title="The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005">The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441)</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-00161" id="c8sipu0q3-00162" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-00161" id="c8sipu0q3-00163" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/2" UpTo="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/60" StartSectionRef="regulation-2" EndSectionRef="regulation-60" Operative="true">2-60</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-00161" id="c8sipu0q3-00164" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/71" SectionRef="regulation-71">71</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-00161" id="c8sipu0q3-00165" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/72" SectionRef="regulation-72">72</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-7497f53be928e968f686eb4365dfa81c" Type="I">
<Para>
<Text>
S. 114(1)(b)(3)(4) 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
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-01042" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-01042" id="c8sipu0q3-01043" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/3" SectionRef="article-2-3">art. 2(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-01042" id="c8sipu0q3-01044" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/3" SectionRef="schedule-part-3" Operative="true">Sch. Pt. 3</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-acc5354d064e789ff267795a46a86abb" Type="I">
<Para>
<Text>
S. 114(1)(a)(2) in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-02259" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-02259" id="c8sipu0q3-02260" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-02259" id="c8sipu0q3-02261" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8080a32d595df859a48013ce93c2a9f2" Type="I">
<Para>
<Text>
S. 108(4) in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-03738" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c8sipu0q3-03739" CitationRef="c8sipu0q3-03738" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef id="c8sipu0q3-03740" CitationRef="c8sipu0q3-03738" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-9fe98efea81042ff9c79fbeeaef397e7" Type="I">
<Para>
<Text>
S. 110(1)(a) in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-03749" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c8sipu0q3-03750" CitationRef="c8sipu0q3-03749" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef id="c8sipu0q3-03751" CitationRef="c8sipu0q3-03749" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-bda9fc2660545ac5a86ad3de92b658e3" Type="I">
<Para>
<Text>
S. 112(5)(6) in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-03763" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c8sipu0q3-03764" CitationRef="c8sipu0q3-03763" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef id="c8sipu0q3-03765" CitationRef="c8sipu0q3-03763" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c4bd9a99b1c773331ff960adcdd2b76a" Type="I">
<Para>
<Text>
S. 113 in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-03774" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-03774" id="c8sipu0q3-03775" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-03774" id="c8sipu0q3-03776" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-85c125eb77491862bc39b0b935a88197" Type="I">
<Para>
<Text>
S. 119 in force at 6.4.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-03785" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c8sipu0q3-03786" CitationRef="c8sipu0q3-03785" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef id="c8sipu0q3-03787" CitationRef="c8sipu0q3-03785" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-54db3f4e321fb808cee5fd833134c5d1" Type="I">
<Para>
<Text>
S. 109 in force at 6.4.2005 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/275" id="c8sipu0q3-04691" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="275" Title="The Pensions Act 2004 (Commencement No. 2, Transitional Provisions and Consequential Amendments) Order 2005">S.I. 2005/275</Citation>
,
<CitationSubRef id="c8sipu0q3-04692" CitationRef="c8sipu0q3-04691" URI="http://www.legislation.gov.uk/id/uksi/2005/275/article/2/7" SectionRef="article-2-7">art. 2(7)</CitationSubRef>
,
<CitationSubRef id="c8sipu0q3-04693" CitationRef="c8sipu0q3-04691" URI="http://www.legislation.gov.uk/id/uksi/2005/275/schedule/part/7" SectionRef="schedule-part-7" Operative="true">Sch. Pt. 7</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-44c40810bf1eb53658196881ef64a6c3" Type="I">
<Para>
<Text>
S. 109 in force at 21.7.2005 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/1720" id="c92qzjp93-00114" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="1720">S.I. 2005/1720</Citation>
, art. 2(6)(b);
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/2024" id="c92qzjp93-00116" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="2024">S.I. 2005/2024</Citation>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/2025" id="c92qzjp93-00117" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="2025">S.I. 2005/2025</Citation>
</Text>
</Para>
</Commentary>
<Commentary id="key-e722d6d28f0de796e335ecf3f5e8752f" Type="I">
<Para>
<Text>
S. 110(1)(b) in force at 1.9.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/1720" id="cexz0nrl3-00121" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="1720" Title="The Pensions Act 2004 (Commencement No. 6, Transitional Provisions and Savings) Order 2005">S.I. 2005/1720</Citation>
,
<CitationSubRef id="cexz0nrl3-00122" CitationRef="cexz0nrl3-00121" URI="http://www.legislation.gov.uk/id/uksi/2005/1720/article/2/16" SectionRef="article-2-16">art. 2(16)</CitationSubRef>
,
<CitationSubRef id="cexz0nrl3-00123" CitationRef="cexz0nrl3-00121" URI="http://www.legislation.gov.uk/id/uksi/2005/1720/schedule/part/3" SectionRef="schedule-part-3" Operative="true">Sch. Pt. 3</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-85793614784c6a2a9d6d4c85fa14bdd6" Type="I">
<Para>
<Text>
S. 109 in force at 1.9.2005 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/2447" id="cexz0nrl3-00467" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="2447" Title="The Pensions Act 2004 (Commencement No. 7) Order 2005">S.I. 2005/2447</Citation>
,
<CitationSubRef id="cexz0nrl3-00468" CitationRef="cexz0nrl3-00467" URI="http://www.legislation.gov.uk/id/uksi/2005/2447/article/2/4" SectionRef="article-2-4">art. 2(4)</CitationSubRef>
,
<CitationSubRef id="cexz0nrl3-00469" CitationRef="cexz0nrl3-00467" URI="http://www.legislation.gov.uk/id/uksi/2005/2447/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-9f7630100fb0bee3a3dbda1545f54369" Type="C">
<Para>
<Text>
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/1986" id="cexz0nrl3-00030" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="1986" Title="The Financial Assistance Scheme Regulations 2005">The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986)</Citation>
,
<CitationSubRef CitationRef="cexz0nrl3-00030" id="cexz0nrl3-00031" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/1/1" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cexz0nrl3-00030" id="cexz0nrl3-00032" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/4" SectionRef="regulation-4">4</CitationSubRef>
,
<CitationSubRef CitationRef="cexz0nrl3-00030" id="cexz0nrl3-00033" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/schedule/1" SectionRef="schedule-1" Operative="true">Sch. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-437e9371d94271e4d8fade3f53a225fc" Type="I">
<Para>
<Text>
S. 110(2) in force at 9.12.2005 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/3331" id="cey8m8i23-00009" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="3331" Title="The Pensions Act 2004 (Commencement No. 8) Order 2005">S.I. 2005/3331</Citation>
,
<CitationSubRef id="cey8m8i23-00010" CitationRef="cey8m8i23-00009" URI="http://www.legislation.gov.uk/id/uksi/2005/3331/article/2/2" SectionRef="article-2-2">art. 2(2)</CitationSubRef>
,
<CitationSubRef id="cey8m8i23-00011" CitationRef="cey8m8i23-00009" URI="http://www.legislation.gov.uk/id/uksi/2005/3331/schedule/part/2" SectionRef="schedule-part-2" Operative="true">Sch. Pt. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-12f04822c56b826e547d3d8db8f91345" Type="I">
<Para>
<Text>
S. 109 in force at 1.1.2006 for specified purposes and 1.4.2006 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/3331" id="cfctwsg53-00072" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="3331" Title="The Pensions Act 2004 (Commencement No. 8) Order 2005">S.I. 2005/3331</Citation>
,
<CitationSubRef id="cfctwsg53-00073" CitationRef="cfctwsg53-00072" URI="http://www.legislation.gov.uk/id/uksi/2005/3331/article/2/4" SectionRef="article-2-4">art. 2(4)</CitationSubRef>
,
<CitationSubRef id="cfctwsg53-00074" CitationRef="cfctwsg53-00072" URI="http://www.legislation.gov.uk/id/uksi/2005/3331/schedule/part/4" SectionRef="schedule-part-4" Operative="true">Sch. Pt. 4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-012cae74a7463118eed592883ed617cb" Type="I">
<Para>
<Text>
S. 109 in force at 6.4.2006 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2006/560" id="cfcveoku3-00962" Class="UnitedKingdomStatutoryInstrument" Year="2006" Number="560" Title="The Pensions Act 2004 (Commencement No. 9) Order 2006">S.I. 2006/560</Citation>
,
<CitationSubRef id="cfcveoku3-00963" CitationRef="cfcveoku3-00962" URI="http://www.legislation.gov.uk/id/uksi/2006/560/article/2/3" SectionRef="article-2-3">art. 2(3)</CitationSubRef>
,
<CitationSubRef id="cfcveoku3-00964" CitationRef="cfcveoku3-00962" URI="http://www.legislation.gov.uk/id/uksi/2006/560/schedule/part/3" SectionRef="schedule-part-3" Operative="true">Sch. Pt. 3</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8368c3555e339a82870db6154bf1e851" Type="I">
<Para>
<Text>
S. 117(7)(b) in force at 1.1.2007 for specified purposes and 1.3.2007 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2006/2272" id="ck5k80gh3-00012" Class="UnitedKingdomStatutoryInstrument" Year="2006" Number="2272" Title="The Pensions Act 2004 (Commencement No. 10 and Saving Provision) Order 2006">S.I. 2006/2272</Citation>
,
<CitationSubRef CitationRef="ck5k80gh3-00012" id="ck5k80gh3-00013" URI="http://www.legislation.gov.uk/id/uksi/2006/2272/article/2/6" SectionRef="article-2-6" Operative="true">art. 2(6)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="M_C_5055b213-8be6-481c-c832-455a7658859e" Type="C">
<Para>
<Text>
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/1986" id="cexz0nrl3-00030n1" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="1986" Title="The Financial Assistance Scheme Regulations 2005">The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986)</Citation>
,
<CitationSubRef id="cc186426260847" CitationRef="cexz0nrl3-00030" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/1/1" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>
,
<CitationSubRef id="cc187365758084" CitationRef="cexz0nrl3-00030" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/regulation/4" SectionRef="regulation-4">4</CitationSubRef>
,
<CitationSubRef id="cc172119336024" CitationRef="cexz0nrl3-00030" URI="http://www.legislation.gov.uk/id/uksi/2005/1986/schedule/1" SectionRef="schedule-1" Operative="true">Sch. 1</CitationSubRef>
(as amended (17.7.2008) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2008/1903" id="cp5n6ic43-00019" Class="UnitedKingdomStatutoryInstrument" Year="2008" Number="1903" Title="The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008">The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903)</Citation>
,
<CitationSubRef id="cc179525508737" CitationRef="cp5n6ic43-00019" URI="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="cc195960942848" CitationRef="cp5n6ic43-00019" URI="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/5/2" SectionRef="regulation-5-2" Operative="true">5(2)</CitationSubRef>
,
<CitationSubRef id="cc180158804939" CitationRef="cp5n6ic43-00019" URI="http://www.legislation.gov.uk/id/uksi/2008/1903/regulation/13" SectionRef="regulation-13">13</CitationSubRef>
; (10.7.2009) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2009/1851" id="cthk607x3-00019" Class="UnitedKingdomStatutoryInstrument" Year="2009" Number="1851" Title="The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009">The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851)</Citation>
,
<CitationSubRef id="cc191845564859" CitationRef="cthk607x3-00019" URI="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="cc144940806397" CitationRef="cthk607x3-00019" URI="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/5" SectionRef="regulation-5" Operative="true">5</CitationSubRef>
,
<CitationSubRef id="cc104468094020" CitationRef="cthk607x3-00019" URI="http://www.legislation.gov.uk/id/uksi/2009/1851/regulation/18" SectionRef="regulation-18">18</CitationSubRef>
; (2.4.2010) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/1149" id="ctn556fi3-00019" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="1149" Title="The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010">The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149)</Citation>
,
<CitationSubRef CitationRef="ctn556fi3-00019" id="ctn556fi3-00020" URI="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef CitationRef="ctn556fi3-00019" id="ctn556fi3-00021" URI="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/5" SectionRef="regulation-5" Operative="true">5</CitationSubRef>
,
<CitationSubRef CitationRef="ctn556fi3-00019" id="ctn556fi3-00022" URI="http://www.legislation.gov.uk/id/uksi/2010/1149/regulation/15" SectionRef="regulation-15">15</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="M_C_ccf587bb-6136-4e57-bc24-b44b42367394" Type="C">
<Para>
<Text>
Pt. 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
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/441" id="c8sipu0q3-00161n1" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="441" Title="The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005">The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441)</Citation>
,
<CitationSubRef id="cc131530045473" CitationRef="c8sipu0q3-00161" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="cc181755863709" CitationRef="c8sipu0q3-00161" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/2" UpTo="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/60" StartSectionRef="regulation-2" EndSectionRef="regulation-60" Operative="true">2-60</CitationSubRef>
,
<CitationSubRef id="cc136883903683" CitationRef="c8sipu0q3-00161" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/71" SectionRef="regulation-71">71</CitationSubRef>
,
<CitationSubRef id="cc109426791810" CitationRef="c8sipu0q3-00161" URI="http://www.legislation.gov.uk/id/uksi/2005/441/regulation/72" SectionRef="regulation-72">72</CitationSubRef>
(as amended (23.7.2012) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2012/1688" id="cuazs1ze3-00042" Class="UnitedKingdomStatutoryInstrument" Year="2012" Number="1688" Title="The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012">The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688)</Citation>
,
<CitationSubRef id="cc122403284432" CitationRef="cuazs1ze3-00042" URI="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/1/2" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="cc156640433770" CitationRef="cuazs1ze3-00042" URI="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/2/1" UpTo="http://www.legislation.gov.uk/id/uksi/2012/1688/regulation/2/19" StartSectionRef="regulation-2-1" EndSectionRef="regulation-2-19" Operative="true">2(1)-(19)</CitationSubRef>
; (24.1.2013) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2012/3083" id="cub9rxlg3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2012" Number="3083" Title="The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012">The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083)</Citation>
,
<CitationSubRef CitationRef="cub9rxlg3-00007" id="cub9rxlg3-00008" URI="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/1/2/b" SectionRef="regulation-1-2-b">regs. 1(2)(b)</CitationSubRef>
,
<CitationSubRef CitationRef="cub9rxlg3-00007" id="cub9rxlg3-00009" URI="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/2" SectionRef="regulation-2" Operative="true">2</CitationSubRef>
(with
<CitationSubRef CitationRef="cub9rxlg3-00007" id="cub9rxlg3-00010" URI="http://www.legislation.gov.uk/id/uksi/2012/3083/regulation/10" SectionRef="regulation-10">reg. 10</CitationSubRef>
))
</Text>
</Para>
</Commentary>
<Commentary id="key-184b64f840015f1bcfe8b895f35aece1" Type="F">
<Para>
<Text>
Words in s. 115(3) substituted (1.4.2013) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2012/21" id="cuczi1if3-00007" Class="UnitedKingdomPublicGeneralAct" Year="2012" Number="21" Title="Financial Services Act 2012">Financial Services Act 2012 (c. 21)</Citation>
,
<CitationSubRef CitationRef="cuczi1if3-00007" id="cuczi1if3-00008" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3" SectionRef="section-122-3">s. 122(3)</CitationSubRef>
,
<CitationSubRef CitationRef="cuczi1if3-00007" id="cuczi1if3-00009" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/18/paragraph/104/2" SectionRef="schedule-18-paragraph-104-2" Operative="true">Sch. 18 para. 104(2)</CitationSubRef>
(with
<CitationSubRef CitationRef="cuczi1if3-00007" id="cuczi1if3-00010" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20" SectionRef="schedule-20">Sch. 20</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/423" id="cuczi1if3-00011" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="423" Title="The Financial Services Act 2012 (Commencement No. 2) Order 2013">S.I. 2013/423</Citation>
,
<CitationSubRef CitationRef="cuczi1if3-00011" id="cuczi1if3-00012" URI="http://www.legislation.gov.uk/id/uksi/2013/423/article/3" SectionRef="article-3">art. 3</CitationSubRef>
,
<CitationSubRef CitationRef="cuczi1if3-00011" id="cuczi1if3-00013" URI="http://www.legislation.gov.uk/id/uksi/2013/423/schedule" SectionRef="schedule">Sch.</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="M_C_89250d8d-2e97-42ed-8b0c-f03c2fbee42a" Type="C">
<Para>
<Text>
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2005/277" id="c8sipu0q3-00150n1n1n1" Class="UnitedKingdomStatutoryInstrument" Year="2005" Number="277" Title="The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005">The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277)</Citation>
,
<CitationSubRef CitationRef="c8sipu0q3-00150" id="c8sipu0q3-00151n1n1n1" URI="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/1/1" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>
,
<CitationSubRef CitationRef="c8sipu0q3-00150" id="c8sipu0q3-00152n1n1n1" URI="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/2" UpTo="http://www.legislation.gov.uk/id/uksi/2005/277/regulation/11" StartSectionRef="regulation-2" EndSectionRef="regulation-11" Operative="true">2-11</CitationSubRef>
(as amended (8.3.2010) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/196" id="ctmyjxsl3-00007n1" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="196" Title="The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010">The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196)</Citation>
, regs. 1, 2(3)-(5); (30.4.2013) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/627" id="cuecgapi3-00019n1" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="627" Title="The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013">The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627)</Citation>
, regs. 1(1), 8(4)(5))
</Text>
</Para>
</Commentary>
<Commentary id="key-483d3a59fcd96500e50be37af78ac6ce" Type="C">
<Para>
<Text>
Pt. 2 applied in part (24.7.2014) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/1711" id="cuilczf33-00052" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="1711" Title="The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014">The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711)</Citation>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00053" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/1/1" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00054" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/42/1" SectionRef="regulation-42-1" Operative="true">42(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00055" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/53" SectionRef="regulation-53">53</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00056" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/57" SectionRef="regulation-57">57</CitationSubRef>
(with
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00057" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/6" SectionRef="regulation-6">regs. 6</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00058" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/41" SectionRef="regulation-41">41</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00059" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/44/1" SectionRef="regulation-44-1">44(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00060" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/47/1" SectionRef="regulation-47-1">47(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00061" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/69/2" SectionRef="regulation-69-2">69(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00062" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/72/1" SectionRef="regulation-72-1">72(1)</CitationSubRef>
,
<CitationSubRef CitationRef="cuilczf33-00052" id="cuilczf33-00063" URI="http://www.legislation.gov.uk/id/uksi/2014/1711/regulation/76/1" SectionRef="regulation-76-1">76(1)</CitationSubRef>
); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2
</Text>
</Para>
</Commentary>
<Commentary id="key-ffdd1dbec39fc629562f18bf402d9767" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="cdizb5l94-00006" SectionRef="section-115-3" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/3">s. 115(3)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/192" id="cdizb5l94-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="192" Title="The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019">The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192)</Citation>
,
<CitationSubRef CitationRef="cdizb5l94-00007" id="cdizb5l94-00008" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/uksi/2019/192/regulation/1">regs. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cdizb5l94-00007" id="cdizb5l94-00009" SectionRef="regulation-5-4" URI="http://www.legislation.gov.uk/id/uksi/2019/192/regulation/5/4" Operative="true">5(4)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="cdizb5l94-00010" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="cdizb5l94-00010" id="cdizb5l94-00011" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-371e4304f67a614a772260bc65fd0e75" Type="F">
<Para>
<Text>
<CitationSubRef id="ce9u6qvj4-00006" SectionRef="section-115A" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115A">S. 115A</CitationSubRef>
inserted (20.10.2021) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2021/29" id="ce9u6qvj4-00007" Class="UnitedKingdomPublicGeneralAct" Year="2021" Number="29" Title="Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</Citation>
,
<CitationSubRef CitationRef="ce9u6qvj4-00007" id="ce9u6qvj4-00008" SectionRef="section-2-2" URI="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/2" Operative="true">s. 2(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-58600a1a39b265e360657bed244aeccb" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ce9uktlp4-00006" SectionRef="section-115-2" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2">s. 115(2)</CitationSubRef>
inserted (20.10.2021) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2021/29" id="ce9uktlp4-00007" Class="UnitedKingdomPublicGeneralAct" Year="2021" Number="29" Title="Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</Citation>
,
<CitationSubRef CitationRef="ce9uktlp4-00007" id="ce9uktlp4-00008" SectionRef="section-2-3-a" URI="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/3/a" Operative="true">s. 2(3)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-64c8738fd068be0bc2deae8cc925a083" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ce9uktlp4-00014" SectionRef="section-115-2-a" URI="http://www.legislation.gov.uk/id/ukpga/2004/35/section/115/2/a">s. 115(2)(a)</CitationSubRef>
inserted (20.10.2021) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2021/29" id="ce9uktlp4-00015" Class="UnitedKingdomPublicGeneralAct" Year="2021" Number="29" Title="Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021">Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29)</Citation>
,
<CitationSubRef CitationRef="ce9uktlp4-00015" id="ce9uktlp4-00016" SectionRef="section-2-3-b" URI="http://www.legislation.gov.uk/id/ukpga/2021/29/section/2/3/b" Operative="true">s. 2(3)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>