The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014

Modification of the Pension Protection Fund (Entry Rules) Regulations 2005 E+W+S

58.—(1) The Entry Rules Regulations(1) are amended as follows.

(2) In regulation 1(3) (citation, commencement and interpretation)—

(a) after the definition of “the 1995 Act” insert—

““the appointed day” is the day appointed for the coming into force of section 29 of the Pensions Act 2011 (definition of money purchase benefits);”;

(b) after the definition of “the Authority”, insert—

““cash balance benefits” has the meaning given by regulation 2 of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014;”.

(3) After regulation 2(2) (schemes which are not eligible schemes)(2) insert—

“(2A) Except as otherwise provided in paragraphs (3) and (4) of this regulation, an occupational pension scheme which becomes an eligible scheme in accordance with regulation 43(1)(b) of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (eligibility: schemes treated as money purchase schemes) is not an eligible scheme if—

(a) the trustees or managers of the scheme during the period beginning with the appointed day and ending immediately before 1st April 2015 have entered into a legally enforceable agreement; and

(b) the effect of that agreement (at any time) is to reduce the amount of any debt due to the scheme under section 75 of the 1995 Act (deficiencies in the assets) which may be recovered by, or on behalf of, the trustees or managers of the scheme.”.

(4) In regulation 2(3) and (4), for “paragraph (2)” substitute “paragraphs (2) and (2A)”.

(5) In regulation 21 (refusal to assume responsibility – schemes which become eligible schemes)(3)—

(a) in paragraph (1)(a) omit “and”; and

(b) at the end of paragraph (1)(b) insert—

“and

(c) in the case of a scheme which becomes an eligible scheme on 1st April 2015 in accordance with regulation 43(1)(b) of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014—

(i) where the date on which an assessment period began is less than three years after 1st April 2015, be the period beginning on 1st April 2015 and ending with the assessment date; or

(ii) where the date on which an assessment period began is at least three years after 1st April 2015, be the period of three years preceding the date on which that assessment period began.”.

Commencement Information

I1 Reg. 58 comes into force in accordance with reg. 1(1)

(1)

S.I. 2005/590.

(2)

Regulation 2(2) was amended by S.I.s 2005/993 and 2005/2153.

(3)

Regulation 21 was amended by S.I.s 2005/993 and 2010/196.