The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005

Application and effect

3.—(1) The following Articles of the Order apply as if for “assets of the scheme” in each place where it occurs there were substituted “assets of the unsecured part” –

(a) Article 111(2)(a) and (4)(a) (duty to assume responsibility for schemes following insolvency event);

(b) Article 112(2)(a) and (3)(a) (duty to assume responsibility for schemes following application or notification);

(c) Article 120(5) (power to validate contraventions of Article 119);

(d) Article 135(9)(a) (application for reconsideration);

(e) Article 136(9)(a) and (11) (duty to assume responsibility following reconsideration), and

(f) Article 142(2) (duty to assume responsibility for closed schemes).

(2) The following Articles of the Order apply as if for “an eligible scheme” in each place where it occurs there were substituted “the unsecured part of an eligible scheme” –

(a) Article 115(1) (protected liabilities);

(b) Article 147(1) (adjustments to be made where the Board assumes responsibility for a scheme);

(c) Article 148(1) (postponement of compensation entitlement for the assessment period);

(d) Article 149(1) (guaranteed minimum pensions);

(e) Article 153(1) (discharge of liabilities in respect of compensation), and

(f) Article 154(1) (discharge of liabilities in respect of money purchase benefits).

(3) The following Articles of the Order apply as if for “a scheme” in each place where it occurs there were substituted “an unsecured part” –

(a) Article 126(1) (Articles 124 and 125: interpretation);

(b) Article 128(1) (approval of valuation);

(c) Article 129(2) (binding valuations);

(d) Article 130(2) (schemes which become eligible schemes);

(e) Article 131(2) (new schemes created to replace existing schemes);

(f) Article 141(9) (applications and notifications where closed schemes have insufficient assets);

(g) Article 144(1) and (5) (transfer notice);

(h) Article 145(2) and (5) (effect of Board assuming responsibility for a scheme);

(i) Article 146(1) (the pension compensation provisions);

(j) Article 150(1) (duty to pay scheme benefits unpaid at assessment date etc.), and

(k) Article 156(1) (relationship with fraud compensation regime).

(4) The following Articles of the Order apply as if for “the scheme” in each place where it occurs there were substituted “the unsecured part” –

(a) Article 115(1) (protected liabilities);

(b) Article 122(3) (payment of scheme benefits);

(c) Article 124(2)(a) (reviewable ill health pensions);

(d) Article 125(2), (3)(a), (4) and (5)(a) (effect of a review);

(e) Article 126(1) and (4) (Articles 124 and 125: interpretation);

(f) Article 127(2) and (11)(a) and (b) (Board’s obligation to obtain valuation of assets and protected liabilities);

(g) Article 130(1) (schemes which become eligible schemes);

(h) Article 135(1), (2)(b) and (c) and (3)(b) and (c) (application for reconsideration);

(i) Article 136(2) and (5) (duty to assume responsibility following reconsideration);

(j) Article 138(2)(c) and (5)(b) and (c) (requirement to wind up schemes with sufficient assets to meet protected liabilities);

(k) Article 141(1) and (3) (applications and notifications where closed schemes have insufficient assets);

(l) Article 142(1) and (3) (duty to assume responsibility for closed schemes);

(m) Article 143(3)(b)(ii) (closed schemes: further assessment periods);

(n) Article 145(1), (2)(a), (3) and (7)(b) (effect of Board assuming responsibility for a scheme);

(o) Article 147(3)(a) (adjustments to be made where the Board assumes responsibility for a scheme);

(p) Article 148(1) (postponement of compensation entitlement for the assessment period);

(q) Article 150(5)(a) and (6) (duty to pay scheme benefits unpaid at assessment date etc.), and

(r) Article 156(4) and (6) (relationship with fraud compensation regime).