The Financial Assistance Scheme Regulations 2005

[F1 19.   In Schedule 6 (transfer of property, rights and liabilities to the Board)— U.K.

(a) after paragraph 3(2) insert—

“(3) Where any liabilities in respect of an existing or future cause of action are not transferred as a result of sub-paragraph (2), the trustees or managers are not discharged from any obligations in respect of such causes of action.”;

(b) after paragraph 5 insert—

“5A.   Any contract which does not form part of any rights or liabilities transferred to the Secretary of State shall be treated as terminated.”;

(c) in paragraph 6 for the words from “so far as necessary” to the end substitute—

“(a) so far as necessary for the purposes of giving effect to the transfer as a reference to the Secretary of State, and

(b) so far as necessary for the purposes of giving effect to paragraph 6A(1) as a reference to the scheme manager.”;

(d) after paragraph 6 insert—

“6A.— (1) The rights, powers and obligations of the Secretary of State in relation to the property, rights and liabilities are exercisable by the scheme manager without limitation.

(2) Where, by virtue of sub-paragraph (1), any amount becomes payable, or is to be paid, to the scheme manager, that amount must be paid to the Secretary of State.”;

(e) in paragraph 7(1) in the first place in which it occurs for “Board” substitute “scheme manager”;

(f) in all other places in which it occurs for “Board” substitute “Secretary of State”; and

(g) after paragraph 7 add—

“8.— (1) Where, by virtue of paragraph 3(1), an application to the Pensions Ombudsman under Part 10 of the Pension Schemes Act 1993 (c.48) or Part 10 of the Pension Schemes (Northern Ireland) Act 1993 (c.49) is to be continued by or against the Secretary of State, any reference in section 146 of the Pension Schemes Act 1993 or section 142 of the Pension Schemes (Northern Ireland) Act 1993 to the trustees or managers of an occupational pension scheme shall have effect, so far as necessary, for the purpose of giving effect to paragraph 3(1), as a reference to the Secretary of State.

(2) Where, as a result of such an application being continued against the Secretary of State, a direction is given by the Ombudsman under section 151 of the Pension Schemes Act 1993 or section 147 of the Pension Schemes (Northern Ireland) Act 1993, the Secretary of State may require the scheme manager to carry out a review under regulation 10 of the Financial Assistance Scheme (Internal Review) Regulations 2005.”.]

Textual Amendments

F1 Sch. 1 para. 19 added (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 15(e)