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The Pensions (Northern Ireland) Order 2005

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The Pensions (Northern Ireland) Order 2005, Section 121 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Board to act as creditor of the employerN.I.
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121.—(1) Paragraph (2) applies where there is an assessment period in relation to an eligible scheme.

(2 )F1 During the assessment period, the rights and powers of the trustees or managers of the scheme in relation to any debt (including any contingent debt) due to them by the employer, whether by virtue of Article 75 of the 1995 Order (deficiencies in the scheme assets) or otherwise, are exercisable by the Board to the exclusion of the trustees or managers.

(3) Where, by virtue of paragraph (2), any amount is paid to the Board in respect of such a debt, the Board must pay that amount to the trustees or managers of the scheme.F1

F1mod. by SR 2005/91

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