PART IIITHE BOARD OF THE PENSION PROTECTION FUND
CHAPTER 3PENSION PROTECTION
Circumstances in which Board assumes responsibility for eligible schemes
Applications and notifications for the purposes of Article 112113
1
Where the trustees or managers of an eligible scheme become aware that—
a
the employer in relation to the scheme is unlikely to continue as a going concern, and
b
the prescribed requirements are met in relation to the employer,
they must make an application to the Board for it to assume responsibility for the scheme under Article 112.
2
Where the Board receives an application under paragraph (1), it must give a copy of the application to—
a
the Regulator, and
b
the employer.
3
An application under paragraph (1) must—
a
be in the prescribed form and contain the prescribed information, and
b
be made within the prescribed period.
4
Where the Regulator becomes aware that—
a
the employer in relation to an eligible scheme is unlikely to continue as a going concern, and
b
the requirements mentioned in paragraph (1)(b) are met in relation to the employer,
it must give the Board a notice to that effect.
5
Where the Board receives a notice under paragraph (4), it must—
a
give the trustees or managers of the scheme a notice to that effect, and
b
give the employer a copy of that notice.
6
The duty imposed by paragraph (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that paragraph by reason of a notice given to them under paragraph (5).
7
The duty imposed by paragraph (4) does not apply where the Regulator becomes aware as mentioned in that paragraph by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under paragraph (2).
8
Regulations may require notices under this Article to be in the prescribed form and to contain the prescribed information.