PART 13The Pension Protection Fund

InterpretationI142

1

In this Part—

  • “administration levy” is a levy imposed in accordance with section 117(1) of the 2004 Act (administration levy);

  • “admissible rules” has the meaning given by paragraph 35(2) of Schedule 7 to the 2004 Act (scheme rules, admissible rules etc)76;

  • “assessment date” has the meaning given by section 142(1) of the 2004 Act (sections 140 and 141: interpretation);

  • “employer” has the meaning given by section 318(1) of the 2004 Act (general interpretation), including the extensions to that meaning made by—

    1. a

      regulation 1(4) of the Entry Rules Regulations (citation, commencement and interpretation)77; and

    2. b

      in relation to a non-segregated scheme or a multi-employer section of a segregated scheme, regulation 1(5) of those Regulations78;

  • “the Entry Rules Regulations” means the Pension Protection Fund (Entry Rules) Regulations 200579;

  • “fraud compensation levy” has the same meaning as in section 189(1) of the 2004 Act;

  • “the Fraud Compensation Levy Regulations” means the Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006;

  • “initial levy” has the same meaning as in section 174(1) of the 2004 Act;

  • “non-segregated scheme” has the meaning given by regulation 1(3) of the Entry Rules Regulations;

  • “the PPF Miscellaneous Regulations” means the Pension Protection Fund (General and Miscellaneous Amendments) Regulations 200680;

  • “pension protection levy” has the meaning given by section 175(1) of the 2004 Act (pension protection levies);

  • “the relevant Pension Protection Fund provisions” means—

    1. a

      Part 2 of the 2004 Act (the Board of the Pension Protection Fund) (except section 172(6) of that Act (relationship with fraud compensation regime)) and any instrument made under that Part;

    2. b

      Part 3 of Schedule 5 (proceedings and delegation etc) and Schedule 7 (pension compensation provisions) to the 2004 Act and any instrument made under those provisions;

    3. c

      Chapter 1 of Part 3 (pension compensation on divorce etc) of and Schedule 5 (pension compensation payable on discharge of pension compensation credit) to the Pensions Act 200881 and any instrument made under those provisions; and

    4. d

      any provision corresponding to the provisions mentioned in sub-paragraph (a), (b) or (c) in force in Northern Ireland;

  • “relevant time” means the date in relation to which the value of the assets and liabilities of the eligible scheme is calculated;

  • “segregated scheme” has the meaning given by regulation 1(2) of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (citation, commencement and interpretation)82;

2

Where, by virtue of any provision of regulations made under section 307(1) of the 2004 Act, the relevant Pension Protection Fund provisions apply or applied to a scheme as if a section or segregated part of an occupational pension scheme were a separate scheme—

a

this Part also so applies; and

b

“admissible rules”, “employer”, “member” and “trustees or managers of the scheme” must be read accordingly.