C6C5C7C8Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C8

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. 2

C2C1C4Chapter 3Pension protection

Annotations:
Modifications etc. (not altering text)
C2

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

C1

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

C4

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

Refusal to assume responsibility

C1C2C3146C1C2Schemes which become eligible schemes

I11

Regulations may provide that where the Board is satisfied that an eligible scheme was not such a scheme throughout such period as may be prescribed, the Board must refuse to assume responsibility for the scheme under this Chapter.

I22

Where, by virtue of subsection (1), the Board is required to refuse to assume responsibility for a scheme, it—

a

must issue a notice to that effect (a “withdrawal notice”), and

b

give a copy of that notice to—

i

the Regulator,

ii

the trustees or managers of the scheme, and

iii

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

I23

For the purposes of this Part a withdrawal notice issued by virtue of this section is not binding until—

a

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

b

if the issue of the notice is so reviewed—

i

the review and any reconsideration,

ii

any reference to the PPF Ombudsman in respect of the issue of the notice, and

iii

any appeal against his determination or directions,

has been finally disposed of and the notice has not been revoked, varied or substituted.

I24

Where a withdrawal notice issued by virtue of this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—

a

the Regulator,

b

the trustees or managers of the scheme, and

c

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

I15

Notices under this section must be in the prescribed form and contain such information as may be prescribed.

I26

A notice given under subsection (4) must state the time from which the Board ceases to be involved with the scheme (see section 149).