C1C3C2 PART IIITHE BOARD OF THE PENSION PROTECTION FUND

Annotations:
Modifications etc. (not altering text)

C3CHAPTER 3PENSION PROTECTION

Assumption of responsibility for a scheme

Transfer noticeI1144 F1

1 F1

F2This Article applies where the Board is required to assume responsibility for a scheme under Article 111, 112, 136 or 142.

F22

The Board must give the trustees or managers a notice (a “transfer notice”).

F23

In a case to which Article 111 or 112 applies, a transfer notice may not be given until the F6determination made or valuation obtained under Article 127(2) is binding.

4

In a case to which Article 142 applies, a transfer notice may not be given until the F3determination made or valuation obtained under paragraph (3) of that Article is binding.

F1F25 F1

A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of Article 130 or 131 (refusal to assume responsibility) is reviewable (see Article 133(6)(b)).

6 F2

The Board must give a copy of any notice given under paragraph (2) to—

a

the Regulator, and

b

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

7

This Article is subject to Article F4156(2) (no transfer notice F5... when fraud compensation application is pending).F1