The Pension Protection Fund (Waiver of Pension Protection Levy and Consequential Amendments) Regulations (Northern Ireland) 2007

Circumstances in which pension protection levy may be waived

4.—(1) The circumstances specified in this paragraph are that—

(a) immediately before 6th April 2006, the scheme was a former approved superannuation fund within the meaning of paragraph 1(1)(b) of Schedule 36 to the Finance Act 2004(1) (deemed registration of existing schemes), and

(b) the proposed waiver relates to the amount payable by way of any pension protection levy which was imposed for the financial year beginning on 1st April 2006.

(2) The circumstances specified in this paragraph are that the scheme is authorised under Article 137 of the Order (closed schemes) to continue as a closed scheme.

(3) The circumstances specified in this paragraph are that the Board is satisfied in respect of the scheme that—

(a) no further contributions will be paid towards the scheme by or on behalf of members in respect of relevant benefits, and

(b) all relevant benefits which are payable in accordance with each member’s entitlement or accrued rights (including pension credit rights within the meaning of Article 121(1)(2) of the 1995 Order) under the scheme rules will be provided in full by a policy of insurance or an annuity contract, or by more than one such policy or contract.

(4) The circumstances specified in this paragraph are that—

(a) the scheme has no active members;

(b) a liquidator has been appointed for the purposes of a voluntary winding up of the company which, immediately before the time at which the scheme ceased to have any active members, was the employer of persons in relevant employment;

(c) the liquidator has sent to the registrar of companies his final account and return under Article 80 of the Insolvency Order (final meeting prior to dissolution), and

(d) it appears to the Board that it is reasonable to expect that the dissolution of the company will take effect on or before 31st December of the financial year to which the proposed waiver relates (but see regulation 7).

(1)

2004 c. 12; paragraph 1 of Schedule 36 makes provision for the deemed registration, with effect from 6th April 2006, of certain schemes or funds for tax purposes under Chapter 2 of Part 4

(2)

The definition of “pension credit rights” was inserted by paragraph 50(3) of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11))