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The Pensions (Northern Ireland) Order 2005

Changes over time for: Section 106

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Point in time view as at 06/04/2007.

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Insolvency practitioner's duty to issue notices confirming status of schemeN.I.
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106.—(1 )F1 This Article applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.

(2 )F1 An insolvency practitioner in relation to the employer must—

(a )F1if he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), or

(b )F1if he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).

F1(3) Paragraph (4) applies where—

(a )F1in prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, or

(b)a prescribed event occurs.

(4 )F1 If a person who was acting as an insolvency practitioner in relation to the employer immediately before this paragraph applies has not been able to confirm in relation to the scheme—

(a )F1that a scheme rescue is not possible, or

(b )F1that a scheme rescue has occurred,

he must issue a notice to that effect.

(5) For the purposes of this Article—

(a )F1a person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this sub-paragraph, and

(b )F1a person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this sub-paragraph.

(6 )F1 Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this Article, he must give a copy of that notice to—

(a)the Board,

(b)the Regulator, and

(c)the trustees or managers of the scheme.

F1(7) A person must comply with an obligation imposed on him by paragraph (2), (4) or (6) as soon as reasonably practicable.

(8) Regulations may require notices issued under this Article—

(a)to be in a prescribed form;

(b)to contain prescribed information.

F1mod. by SR 2005/91

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