The Pension Protection Fund (Provision of Information) Regulations (Northern Ireland) 2005

Information to be provided by the Board

3.—(1) In this regulation –

“insolvency event” shall be construed in accordance with Article 105;

“qualifying insolvency event” shall be construed in accordance with Article 111 (duty to assume responsibility for schemes following insolvency event); and

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where –

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section; and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(2) Where the Board receives a notice under Article 104(2) (duty to notify insolvency events in respect of employers) from an insolvency practitioner that an insolvency event has occurred in relation to an employer, and –

(a) the scheme to which the notice relates is an eligible scheme; or

(b) in the case of a multi-employer scheme which is a segregated scheme, the section to which the notice relates is an eligible section,

it shall, within the period of 28 days beginning with its receipt of that notice, provide that insolvency practitioner, the Regulator and the trustees or managers of that scheme or section with the information described in paragraph (3).

(3) The information to be provided under paragraph (2) is –

(a) where the insolvency event is not a qualifying insolvency event, that the insolvency event is not such an insolvency event; or

(b) where the insolvency event is a qualifying insolvency event, that the insolvency event is such an insolvency event and the date on which the assessment period began.

(4) Where the Board –

(a) receives, during the assessment period, an application for a loan from the trustees or managers of a scheme under Article 123(2) (loans to pay scheme benefits); and

(b) decides whether or not it will make a loan to those trustees or managers,

it shall, within the period of 14 days beginning with the day on which it made its decision, notify those trustees or managers of its decision, of the amount that it considers appropriate to lend and of the terms on which it will make the loan.

(5) Where a person is authorised by the Board for the purposes of these Regulations as mentioned in Article 172(1)(b)(ii) (information to be provided to the Board etc.) in relation to a scheme, the Board shall, within 14 days of making that authorisation, notify the identity of the person so authorised to –

(a) the trustees or managers of that scheme;

(b) the employer in respect of that scheme; and

(c) the insolvency practitioner in relation to that employer.

(6) Where the Board has given the trustees or managers of a scheme a transfer notice, the information to be provided by the Board to members and beneficiaries of that scheme shall be determined in accordance with Schedule 1.