The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

Assessment periods

20.  Section 132 of the Act (assessment periods) shall be modified so that it shall be read as if, in its application to a multi-employer section of a segregated scheme to which—

(a) paragraph (1) of regulation 14 applies—

(i) in subsection (2)—

(aa) for the words “in relation to an eligible scheme”, there were substituted the words “in relation to a multi-employer section of an eligible scheme which is, for the purposes of this Part, an eligible scheme”;

(bb) for the words “the employer” there were substituted the words “an employer”; and

(cc) after the words “an assessment period”, there were inserted the words “in relation to the section”; and

(ii) for the words “in relation to an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5)(a)” in subsection (4), there were substituted the words “in relation to a multi-employer section of a segregated scheme which is, for the purposes of this Part, an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5)(a) in respect of more than one employer at a time when those employers are the only employers in relation to that section of the scheme”; and

(b) paragraph (2) of regulation 14 applies—

(i) in subsection (2)—

(aa) for the words “in relation to an eligible scheme”, there were substituted the words “in relation to a multi-employer section of an eligible scheme which is, for the purposes of this Part, an eligible scheme”;

(bb) for the words “the employer”, there were substituted the words “an employer”; and

(cc) after the words “as assessment period”, there were inserted the words “in relation to a multi-employer section of an eligible scheme”; and

(ii) for the words “in relation to an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5(a)” in subsection (4), there were substituted the words “in relation to a multi-employer section of a segregated scheme which is, for the purposes of this Part, an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5)(a) in respect of one or more of the employers at a time when an insolvency event has occurred in relation to all other employers in relation to that section of the scheme and, where applicable, an insolvency practitioner is still required by law to be appointed to act in relation to each of those employers.”.