- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
3.—(1) The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005(1) are amended in accordance with paragraphs (2) to (4).
(2) In regulation 3 (application and effect)—
(a)in paragraph (1)—
(i)after sub-paragraph (c) insert—
“(ca)Article 127(5B)(b) and (c)(2) (Board’s obligation to obtain valuation of assets and protected liabilities);”;
(ii)in sub-paragraph (e) for “Article 136(9)(a)” substitute “Article 136(2B)(3), (9)(a), (10A)”;
(b)in paragraph (4)—
(i)in sub-paragraph (f) after “Article 127(2)”(4) insert “, (2A)(a), (5A)(a) and (b)”;
(ii)after sub-paragraph (f) insert—
“(fa)Article 127A(1)(b) (determinations under Article 127);”;
(iii)in sub-paragraph (i) for “Article 136(2) and (5)” substitute “Article 136(2), (2A), (2B), (5)(5) and (10A)”;
(iv)in sub-paragraph (l) for “Article 142(1) and (3)” substitute “Article 142(1), (3) and (3A)(6)”.
(3) In regulation 8 (reconsideration) for paragraph (2) substitute—
“(2) Article 136 (duty to assume responsibility following reconsideration) applies as if—
(a)in paragraph (2B), for “protected liabilities” there were substituted “protected liabilities of the unsecured part”, and
(b)in paragraph (9)(b), for “liabilities of the scheme” there were substituted “liabilities of the unsecured part”.”.
(4) In regulation 10(1) (assumption of responsibility)—
(a)before sub-paragraph (a) insert—
“(za)in paragraph (3)(7) for “determination made or valuation obtained under Article 127(2)” there were substituted “valuation obtained under Article 127”;
(zb)in paragraph (4)(8) “determination made or” were omitted;”;
(b)in sub-paragraph (b)—
(i)in added paragraph (8) after “as they apply in relation to a valuation” insert “ and not a determination”;
(ii)in added paragraph (9) for “paragraphs (5) and (11)(b)” substitute “paragraphs (5), (5A)(b), (5B)(b) and (11)(b)”.
S.R. 2005 No. 55 to which there are amendments not relevant to these Regulations
Paragraphs (5A) and (5B) were inserted by regulation 2(2)(a) of S.R. 2005 No. 137 and paragraph (5B) was amended by paragraph 5(5) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraphs (2A) and (2B) were inserted by paragraph 15(3), and paragraph (10A) was inserted by paragraph 15(9), of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraphs (2) and (2A) were substituted for paragraph (2) by paragraph 5(2) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraph (5) was amended by paragraph 15(6) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraphs (3) and (3A) were substituted for paragraph (3) by paragraph 11(2) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraph (3) was amended by paragraph 12(2) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Paragraph (4) was amended by paragraph 12(3) of Schedule 4 to the Pensions Act (Northern Ireland) 2012
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: