The Financial Assistance Scheme Regulations 2005

[F1 PART 9 U.K. Miscellaneous payments and residual assets

Textual Amendments

F1 Pts. 7, 8, 9 inserted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 14, Sch. 1

Payments where amounts relating to money purchase benefits are transferred to the Secretary of State U.K.

31.— (1) Subject to paragraph (3), where the property transferred to the Secretary of State under section 161 (as modified by Schedule 1 to these Regulations) includes property representing the value of rights in respect of money purchase benefits under the scheme rules, the scheme manager must make arrangements to facilitate a payment or payments to be made to any person in respect of whom the qualifying pension scheme held the assets.

(2) The scheme manager must be satisfied that the arrangement made under paragraph (1) is made in respect of the full value of the assets transferred as at the date the arrangement is made.

(3) Where the person in respect of whom the assets were held has died, the arrangement under paragraph (1) shall be made in respect of the estate of the deceased person.

Payments to estates where a person in receipt of a payment from a scheme dies prior to entitlement and prior to transfer of assets U.K.

32.— (1) This regulation applies where—

(a) a person in respect of whom an asset share has been determined dies on or after the calculation date and prior to the day on which the transfer notice is given;

(b) that person was not entitled to an annual payment or an ill health payment on the day on which that person died;

(c) that person was receiving a present payment from the scheme immediately before the day on which the person died; and

(d) the scheme manager is satisfied that the amount of any interim pension from the scheme paid to that person in respect of any year from the later of—

(i) the day on which the person began to receive a payment from the scheme; and

(ii) the day on which the scheme began to wind up,

until the day on which the person died is lower than the sum of the notional pension and any annual increases which the scheme manager has determined under regulation 27 could be paid, in respect of that year.

(2) Where this regulation applies, the scheme manager may, after the transfer notice has been given, make a payment to the person’s estate, having regard to—

(a) the amount of any interim pension which was paid to the person;

(b) the amount of the sum of—

(i) the notional pension; and

(ii) any annual increases determined in accordance with regulation 27; and

(c) such other matters as the scheme manager considers relevant.

Transfer of residual assets to the Secretary of State where Part 7 does not apply U.K.

33.— (1) This regulation applies where—

(a) Part 7 does not apply to a qualifying pension scheme because the liabilities to or in respect of all members and former members have been discharged;

(b) the trustees or managers continue to hold assets for the scheme;

(c) the trustees or managers have notified the scheme manager in writing that they wish to transfer the assets to the Secretary of State; and

(d) the scheme manager is satisfied that—

(i) either—

(aa) the cost of distributing the remaining assets to the members or former members of the scheme would be disproportionate; or

(bb) the distribution of the remaining assets would not be of overall benefit to the members or former members of the scheme;

(ii) the assets can be transferred to the Secretary of State; and

(iii) it is appropriate that the assets are transferred to the Secretary of State.

(2) Where this regulation applies, the trustees or managers of a qualifying pension scheme to which Part 7 does not apply may transfer the remaining assets to the Secretary of State at such time as the Secretary of State may decide.]