The Occupational Pension Schemes and Pension Protection Fund (Amendment) Regulations 2005

Amendment of the Entry Rules Regulations

4.  In the Entry Rules Regulations—

(a) in regulation 2 (schemes which are not eligible schemes)—

(i) omit paragraph (1)(e);

(ii) in paragraph (1)(f), for the words “but which is not”, substitute the words “but which is neither a tax approved scheme nor”;

(iii) in paragraph (1)(i), for “the 1998 Act” substitute “the 1988 Act”; and

(iv) in paragraph (2), for “paragraphs (4) and (5)” substitute “paragraphs (3) and (4)”;

(b) in regulation 8(3)(c) (applications and notifications to the Board – further provision), for “notice is issued.;” substitute “notice is issued;”;

(c) in regulation 9(1) (confirmation of scheme status by insolvency practitioner)—

(i) for “the scheme” substitute “an occupational pension scheme”; and

(ii) in paragraph (b)(i), for “there as been” substitute “there has been”;

(d) in regulation 13(1) (confirmation of scheme status – binding notices)—

(i) for “a scheme” substitute “an occupational pension scheme”; and

(ii) for “(insolvency practitioners duty to issue notices confirming status of scheme)”, substitute “(insolvency practitioner’s duty to issue notices confirming status of scheme)”;

(e) in regulation 16 (restrictions on winding up, discharge of liabilities etc)—

(i) in paragraph (1)(a) and (b), for “trustees or managers of the scheme” in each place where those words appear, substitute “trustees or managers of an eligible scheme”; and

(ii) in paragraph (2), for “a scheme”, in each place where those words appear, substitute “an eligible scheme”;

(f) in regulation 18 (loans to pay scheme benefits)—

(i) in paragraph (3), in the definition of “reference banks”, after “accept deposits,” at the end of paragraph (a) insert “and”;

(ii) in paragraph (4), for “Paragraph (3)(b) above” substitute “In paragraph (3), paragraph (b) of the definition of “reference banks””;

(g) in regulation 20 (consequences of the Board ceasing to be involved with a scheme)—

(i) in paragraph (1), for “following a the issue” substitute “following the issue”; and

(ii) in paragraph (2), for “scheme rules” substitute “the scheme rules”;

(h) in regulation 21 (refusal to assume responsibility – schemes which become eligible schemes)—

(i) in paragraph (1), for “referred to in section 144(1) of the Act” substitute “referred to in section 146(1) of the Act”; and

(ii) in paragraph (1)(b), for “ending on” substitute “ending with”;

(i) in regulation 24(1)(b)(ii) (applications for reconsideration), for “on any day” substitute “with any day”; and

(j) in the Schedule (contents of accounts audited by the auditor of the scheme)—

(i) in paragraph 2(1)(b), for “investment” substitute “investments”;

(ii) in paragraph 2(3)—

(aa) in paragraph (a), for “additional voluntary contributions” substitute “voluntary contributions”; and

(bb) for “paragraph (a) and (b)” substitute “paragraphs (a) and (b)”; and

(iii) in paragraph 8, for ““Financial Reports of Pension Scheme”” substitute ““Financial Reports of Pension Schemes””.