The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008

Amendment of Schedule 1

13.  In Schedule 1 (modification of certain provisions of Parts 1 and 2 of the Act)—

(a) after paragraph 3 insert—

“3A.   In section 134 (directions)—

(a) in subsection (1), for “there is an assessment period in relation to an eligible scheme” substitute “an occupational pension scheme is a qualifying pension scheme under section 286(2) which has not been fully wound up”;

(b) in subsection (2), for the words from the beginning to “is kept to a minimum” substitute “With a view to ensuring that any reduction in the scheme’s assets is kept to a minimum or that the assets of the scheme are invested in a way which, in the opinion of the scheme manager, is appropriate”;

(c) in subsections (2) and (4), for “the Board”, substitute “the scheme manager”; and

(d) in subsection (3), after paragraph (a)(i) insert—

“(ia) a professional adviser to the scheme;

(ib) any other person appearing to the scheme manager to be a person who carries out, or is likely to carry out, activities relevant to the use of the assets of the scheme;”.”;

(b) for paragraph 6 substitute—

“6.   In section 191 (notices requiring provision of information to the Board)—

(a) in subsection (1)(b), after “the Board’s” insert “or scheme manager’s”;

(b) in subsection (2)—

(i) before paragraph (a), insert—

“(za) the scheme manager, in relation to the scheme manager’s functions,”;

(ii) in paragraph (a), after “the Board,” insert “in relation to the Board’s functions,”; and

(iii) in paragraph (b), after “the Board” insert “or scheme manager”; and

(c) in subsection (3)—

(i) omit “and” at the end of paragraph (d);

(ii) after paragraph (d), insert—

“(da) in the case of a wound up scheme, any insurance company (within the meaning of the Financial Assistance Scheme Regulations 2005(1)) which is paying annuities to former members of the scheme, and”; and

(iii) in paragraph (e)—

(aa) after “the Board” insert “, scheme manager”; and

(bb) after “the Board’s” insert “or scheme manager’s”.”.

(1)

S.I. 2005/1986 as amended by S.I. 2005/3256, 2006/3370, 2007/3581 and 2008/1432.