The Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1992

Scheme which applies to more than one employer

3.  In the application of section 58B of the Act to a scheme which applies to earners in employments under different employers and in respect of which there are members in pensionable service under the scheme, as defined in paragraph 3 of Schedule 16 to the Social Security Act 1973(1)—

(a) that section is modified by adding, after sub-section (1), the following new sub-section—

“(1A) The amount of the debt due from each employer shall be such amount as, in the opinion of the actuary referred to in regulation 2(1) of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1992(2), bears the same proportion to the deficiency under the scheme as the amount of the scheme’s liabilities attributable to employment with that employer (including liabilities in respect of any transfer credits allowed under the scheme in connection with employment with that employer) bears to the total amount of the scheme’s liabilities.”;

• and

(b) section 58B(2) is modified—

(i) by substituting the following definition for the definition of “ the applicable time”—

““the applicable time”means–

(a)

in relation to a scheme which is being wound up, any time—

(i)

after the commencement of the winding up, or, where on the 1st July 1992 a scheme was being wound up, on or after that date, and

(ii)

before the default time arises in relation to all of the employers to whom the scheme relates; and

(b)

in relation to a scheme which is not being wound up, each of the times on or after 1st July 1992 at which the default time arises in relation to any of the employers to whom the scheme relates;”; and

(ii) by substituting the following definition for the definition of “the employer”—

““the employer” means every employer of persons in the description or category of employment to which the scheme relates and includes any person who was an employer of such persons immediately before the scheme—

(a) commenced winding up, or

(b) if earlier, ceased to admit new members;”.

(1)

1973 c. 38.

(2)

S.I. 1992/1555.