The Pension Protection Fund (Contributions Equivalent Premium) Regulations 2007

Citation, commencement, interpretation and application

1.—(1) These Regulations may be cited as the Pension Protection Fund (Contributions Equivalent Premium) Regulations 2007 and shall come into force on 6th April 2007.

(2) In these Regulations—

“the 1993 Act” means the Pension Schemes Act 1993;

“the 1993 NI Act” means the Pension Schemes (Northern Ireland) Act 1993;

“the 2004 Act” means the Pensions Act 2004;

“the 2005 Order” means the Pensions (Northern Ireland) Order 2005(1);

“the assessment date” means the date on which the assessment period in relation to the scheme or section of the scheme began;

“the Contracting-out Regulations” means the Occupational Pension Schemes (Contracting-out) Regulations 1996(2);

“the Contracting-out Regulations (NI)” means the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(3);

“CEP” means a contributions equivalent premium within the meaning of section 55 of the 1993 Act(4) or, as the case may be, section 51 of the 1993 NI Act(5) (payment of state scheme premiums on termination of certified status);

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section, and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(3) In these Regulations, references to a scheme include, in the case of a segregated scheme, any section of the scheme.

(4) This regulation, in so far as it relates to regulations 2 to 4, 6 and 8, and regulations 2 to 4, 6 and 8 apply to England and Wales, and Scotland.

(5) This regulation, in so far as it relates to regulations 5, 7 and 9, and regulations 5, 7 and 9 apply to Northern Ireland.

(1)

S.I. 2005/255 (N.I. 1). Part 3 of the Pensions (Northern Ireland) Order 2005 is modified in its application to partially guaranteed schemes by S.R. 2005 No. 55, in its application to hybrid schemes by S.R. 2005 No. 84 and in its application to multi-employer schemes by S.R. 2005 No. 91 (as amended by S.R. 2005 Nos. 194 and 357).

(2)

S.I. 1996/1172.

(3)

S.R. 1996 No. 493.

(4)

Section 55 was amended by section 141(1) of, and paragraph 50 of Schedule 5 to, the Pensions Act 1995 and paragraph 7(1) of Schedule 2 to the Welfare Reform and Pensions Act 1999 (c.30) and S.I. 2005/2050.

(5)

Section 51 was amended by Article 138(1) of, and paragraph 42 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995, paragraph 63 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999, paragraph 7(2) of Schedule 2 to the Welfare Reform and Pensions Act 1999 and S.I. 2005/3029.