The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013

Amendment of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005

8.—(1) The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005(1) are amended as follows.

(2) In regulation 3(1) (application and effect)—

(a) after sub-paragraph (c) insert—

“(ca) section 143(5B)(b) and (c)(2) (Board’s obligation to obtain valuation of assets and protected liabilities);”, and

(b) in sub-paragraph (e) for “section 152(9)(a)” substitute “section 152(2B), (9)(a), (10A)(3)”.

(3) In regulation 3(4)—

(a) in sub-paragraph (f) after “section 143(2)” insert “, (2A)(a), (5A)(a) and (b)(4)”,

(b) after sub-paragraph (f) insert—

“(fa) section 143A(1)(b)(5) (determinations under section 143);”,

(c) in sub-paragraph (i) for “section 152(2) and (5)” substitute “section 152(2), (2A), (2B), (5) and (10A)(6)” and,

(d) in sub-paragraph (l) for “section 158(1) and (3)” substitute “section 158(1), (3) and (3A)(7)”.

(4) For regulation 8(2) (reconsideration) substitute—

“(2) Section 152 of the Act (duty to assume responsibility following reconsideration) applies as if—

(a) in subsection (2B), for the words “protected liabilities” there were substituted the words “protected liabilities of the unsecured part”; and

(b) in subsection (9)(b), for the words “liabilities of the scheme” there were substituted the words “liabilities of the unsecured part”.

(5) In regulation 10(1) (assumption of responsibility)—

(a) before sub-paragraph (a) insert—

“(za) in subsection (3) for “determination made or valuation obtained under section 143(2)” substitute “valuation obtained under section 143”;

(zb) in subsection (4) the words “determination made or” were omitted;”,

(b) in sub-paragraph (b)—

(i) in added subsection (8) after the words “as they apply in relation to a valuation” insert “ and not a determination”, and

(ii) in added subsection (9) for “subsections (5) and (11)(b)” substitute “subsections (5), (5A)(b), (5B)(b) and (11)(b)”.

(1)

S.I. 2005/277.

(2)

Subsection (5B) was inserted by S.I. 2005/705 and amended by paragraph 5(5) of Schedule 4 to the 2011 Act.

(3)

Subsection (2B) was inserted by paragraph 15(3) and subsection (10A) was inserted by paragraph 15(9) of Schedule 4 to the 2011 Act.

(4)

Subsection (2A) was inserted by paragraph 5(2) of Schedule 4 to the 2011 Act and subsection (5A) was inserted by S.I. 2005/705.

(5)

Section 143A was inserted by paragraph 6 of Schedule 4 to the 2011 Act.

(6)

Subsection (2A) and (2B) was inserted by paragraph 15(3), subsection (5) was amended by paragraph 15(6)(a) and (b), and subsection (10A) was inserted by paragraph 15(9) of Schedule 4 to the 2011 Act.

(7)

Subsection (3) and (3A) were substituted by paragraph 11(2) of Schedule 4 to the 2011 Act.