a chairman,

the Chief Executive of the Board, and

at least five other persons (“ordinary members”).

references to non-executive members of the Board are to members who are not executive members.

a fund to be known as the Pension Protection Fund, and

a fund to be known as the Fraud Compensation Fund.

the duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;

the duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;

the duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;

the duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.

may include persons who are not members of the committee, but

must not include persons who are executive members or other staff of the Board.

any of the non-executive functions;

the duty to prepare a report under subsection (5).

the interests of persons who are or may become entitled to compensation under the pension compensation provisions (see section 162) or any corresponding provisions in force in Northern Ireland, and

the effect of the exercise of the power on the rate of any levy which may be imposed under section 174 or 175 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.

the interests of members of occupational pension schemes in relation to which section 189(1), or any corresponding provision in force in Northern Ireland, applies, and

the effect of the exercise of the power on the level of any levy which may be imposed under section 189 or any corresponding provision in force in Northern Ireland and the interests which persons have in the rate of any such levy.

in the case of an individual, that the individual has the appropriate knowledge and experience for managing the investments of the Pension Protection Fund, or

in the case of a firm, that arrangements are in place to secure that any individual who will exercise functions which the firm has as fund manager will, at the time he exercises those functions, have the appropriate knowledge and experience for managing the investments of that Fund.

that a statement of investment principles is prepared and maintained, and

that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.

borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;

give security for any money borrowed by it.

to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over its borrowing limit, or

to increase the amount by which the aggregate amount so outstanding exceeds that limit.

section 22 of the Financial Services and Markets Act 2000,

any relevant order under that section, and

Schedule 2 to that Act.

expenditure of the Secretary of State relating to the establishment of the Board;

any expenditure of the Secretary of State under section 116.

the trustees or managers of an eligible scheme, or

any other prescribed person.

the collection and recovery of amounts payable by way of levy under this section;

the circumstances in which any such amount may be waived.

must deal with the activities of the Board in the financial year for which it is prepared, including the matters mentioned in subsection (3), and

must include the report prepared under subsection (5) of section 112 by the committee established under that section.

the strategic direction of the Board and the manner in which it has been kept under review;

the steps taken to scrutinise the performance of the Chief Executive in securing that the Board’s functions are exercised efficiently and effectively;

the Board’s objectives and targets and the steps taken to monitor the extent to which they are being met.

the period beginning with the date on which the Board is established and ending with the next following 31st March, and

each successive period of 12 months.

the Board,

the Regulator, and

the trustees or managers of the scheme.

the insolvency date, and

the date the insolvency practitioner becomes aware of the existence of the scheme.

he is F87made bankrupt or sequestration of his estate has been awarded;

the nominee in relation to a proposal for a voluntary arrangement under Part 8 of the Insolvency Act 1986 (c. 45) submits a report to the court under section 256(1) or 256A(3) of that Act which states that in his opinion a meeting of the individual’s creditors should be summoned to consider the debtor’s proposal;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

he executes a trust deed for his creditors or enters into a composition contract;

the nominee in relation to a proposal for a voluntary arrangement under Part 1 of the Insolvency Act 1986 submits a report to the court under section 2 of that Act (procedure where nominee is not the liquidator or administrator) which states that in his opinion meetings of the company and its creditors should be summoned to consider the proposal;

the directors of the company file (or in Scotland lodge) with the court documents and statements in accordance with paragraph 7(1) of Schedule A1 to that Act (moratorium where directors propose voluntary arrangement);

an administrative receiver within the meaning of section 251 of that Act is appointed in relation to the company;

the company enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act;

a resolution is passed for a voluntary winding up of the company without a declaration of solvency under section 89 of that Act;

a meeting of creditors is held in relation to the company under section 95 of that Act (creditors' meeting which has the effect of converting a members' voluntary winding up into a creditors' voluntary winding up);

an order for the winding up of the company is made by the court under Part 4 or 5 of that Act.

an order for the winding up of the partnership is made by the court under any provision of the Insolvency Act 1986 (c. 45) (as applied by an order under section 420 of that Act (insolvent partnerships));

sequestration is awarded on the estate of the partnership under section 12 of the Bankruptcy (Scotland) Act 1985 (c. 66) or the partnership grants a trust deed for its creditors;

the nominee in relation to a proposal for a voluntary arrangement under Part 1 of the Insolvency Act 1986 (as applied by an order under section 420 of that Act) submits a report to the court under section 2 of that Act (procedure where nominee is not the liquidator or administrator) which states that in his opinion meetings of the members of the partnership and the partnership’s creditors should be summoned to consider the proposal;

the members of the partnership file with the court documents and statements in accordance with paragraph 7(1) of Schedule A1 to that Act (moratorium where directors propose voluntary arrangement) (as applied by an order under section 420 of that Act);

the partnership enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act (as applied by an order under section 420 of that Act).

a person acting as an insolvency practitioner, in relation to that person, in accordance with section 388 of the Insolvency Act 1986;

in such circumstances as may be prescribed, a person of a prescribed description.

the reference in section 388(2)(a) to a permanent or interim trustee in sequestration must be taken to include a reference to a trustee in sequestration, and

section 388(5) (which includes provision that nothing in the section applies to anything done by the official receiver or the Accountant in Bankruptcy) must be ignored.

if he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), or

if he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).

in prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, or

a prescribed event occurs.

that a scheme rescue is not possible, or

that a scheme rescue has occurred,

a person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph, and

a person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph.

the Board,

the Regulator, and

the trustees or managers of the scheme.

to be in a prescribed form;

to contain prescribed information.

that the insolvency practitioner or former insolvency practitioner who issued the notice was required to issue it under that section, and

that the notice complies with any requirements imposed by virtue of subsection (8) of that section.

the Regulator,

the trustees or managers of the scheme,

the insolvency practitioner or the former insolvency practitioner who issued the section 122 notice,

any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), and

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

the Board determines under section 123 not to approve a notice issued under section 122 by an insolvency practitioner or former insolvency practitioner in relation to the employer, or

an insolvency practitioner or former insolvency practitioner in relation to the employer fails to issue a notice under section 122 and the Board is satisfied that such a notice ought to have been issued under that section.

the Regulator,

the trustees or managers of the scheme,

the insolvency practitioner or former insolvency practitioner mentioned in subsection (1),

any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), and

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

is required to issue a notice under section 122 by virtue of this section, and

is satisfied that the notice ought to have been issued at an earlier time,

the Board issues a determination notice under section 123 approving the notice,

the period within which the issue of the determination notice under that section may be reviewed by virtue of Chapter 6 has expired, and

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme,

the insolvency practitioner or former insolvency practitioner who issued the notice under section 122 or, where that notice was issued by the Board by virtue of section 124, the insolvency practitioner or former insolvency practitioner mentioned in subsection (1) of that section,

any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), and

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

must be in the prescribed form and contain such information as may be prescribed, and

where it is given in relation to a withdrawal notice issued under section 122(2)(b) which has become binding, must state the time from which the Board ceases to be involved with the scheme (see section 149).

is not a money purchase scheme, and

is not a prescribed scheme or a scheme of a prescribed description.

an assessment period begins in relation to an eligible scheme (see section 132), and

after the beginning of that period, the scheme ceases to be an eligible scheme,

any provision of this Part, and

any other provision of this Act in which “eligible scheme” has the meaning given by this section.

the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see sections 131 and 143),

after the relevant time a scheme failure notice is issued under section 122(2)(a) in relation to the scheme and that notice becomes binding, and

it occurs on or after the day appointed under section 126(2), and

the reference in subsection (2)(a) to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, and

“the relevant time” means the time immediately before the qualifying insolvency event occurs.

make an application under subsection (1) of section 129 (a “section 129 application”), or

receive a notice from the Board under subsection (5)(a) of that section (a “section 129 notification”).

the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see sections 131 and 143),

after the relevant time the Board issues a scheme failure notice under section 130(2) in relation to the scheme and that notice becomes binding, and

the reference in paragraph (a) to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, and

“the relevant time” means the time immediately before the section 129 application was made or, as the case may be, the section 129 notification was received.

the employer in relation to the scheme is unlikely to continue as a going concern, and

the prescribed requirements are met in relation to the employer,

the Regulator, and

the employer.

be in the prescribed form and contain the prescribed information, and

be made within the prescribed period.

the employer in relation to an eligible scheme is unlikely to continue as a going concern, and

the requirements mentioned in subsection (1)(b) are met in relation to the employer,

give the trustees or managers of the scheme a notice to that effect, and

give the employer a copy of that notice.

receives an application under subsection (1) of section 129 and is satisfied that paragraphs (a) and (b) of that subsection are satisfied in relation to the application, or

is notified by the Regulator under section 129(4).

the Regulator,

the trustees or managers of the scheme, and

the employer.

the Board is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this paragraph, and

the Board is able to confirm that a scheme rescue is not possible in relation to such a scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this paragraph.

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

the employer.

the cost of securing benefits for and in respect of members of the scheme which correspond to the compensation which would be payable, in relation to the scheme, in accordance with the pension compensation provisions (see section 162) if the Board assumed responsibility for the scheme in accordance with this Chapter,

liabilities of the scheme which are not liabilities to, or in respect of, its members, and

the estimated cost of winding up the scheme.

begins with the occurrence of that event, and

begins when the application is made or the notification is received, and

the investment of the scheme’s assets,

the incurring of expenditure,

the instigation or conduct of legal proceedings, and

such other matters as may be prescribed.

the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules.

no right or entitlement of any member, or of any other person in respect of a member, to a benefit that is not a money purchase benefit is to be converted into, or replaced with, a right or entitlement to a money purchase benefit under the scheme rules,

no transfers of, or transfer payments in respect of, any member’s rights under the scheme rules are to be made from the scheme, and

is subject to section 138, and

applies whether or not the scheme was being wound up immediately before the assessment period or began winding up by virtue of subsection (3).

a member’s pensionable service terminates, and

he becomes a person to whom F85Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and contribution refunds) applies.

no right or power conferred by that Chapter may be exercised, and

no duty imposed by that Chapter may be discharged.

the Regulator,

the trustees or managers of the scheme,

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

any other person who appears to the Board to be directly affected by the determination.

the Board assumed responsibility for the scheme in accordance with this Chapter, and

the assessment date referred to in Schedule 7 were the date on which the assessment period began.

the Board assumed responsibility for the scheme in accordance with this Chapter, and

the assessment date referred to in Schedule 7 were the date on which the assessment period began.

a member’s pensionable service terminates, and

he becomes a person to whom F83Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and contribution refunds) applies,

in such circumstances as may be prescribed subsection (2) does not operate to require the reduction of benefits payable to or in respect of any member;

the commencement of a member’s pension or payment of a member’s lump sum or other benefits is, in such circumstances and on such terms and conditions as may be prescribed, to be postponed for the whole or any part of the assessment period for which he continues in employment after attaining normal pension age.

“normal pension age”, in relation to an eligible scheme and any pension or other benefit under it, means the age specified in the scheme rules as the earliest age at which the pension or other benefit becomes payable without actuarial adjustment (disregarding any scheme rule making special provision as to early payment on the grounds of ill health), and

a member of the scheme died before the commencement of the assessment period, and

during the assessment period, a person becomes entitled under the scheme rules to a benefit of a prescribed description in respect of the member,

the time the Board ceases to be involved with the scheme, or

disregarding section 141, the member would be entitled to compensation under paragraph 3 of Schedule 7 in respect of the pension if the Board assumed responsibility for the scheme,

the member did not attain normal pension age in respect of the pension before the assessment date, and

the pension is attributable to the member’s pensionable service.

in the period of three years ending immediately before the assessment date, or

before the end of the prescribed period beginning with the assessment date, in response to an application made before that date.

before the assessment date, an application was made under the scheme for the award of a pension before normal pension age by virtue of any provision of the scheme rules making special provision as to early payment of pension on grounds of ill health, and

the trustees or managers of the scheme failed to decide the application before the end of the period mentioned in subsection (3)(b),

in the absence of this subsection, the award would take effect before the assessment date,

that the annual rate of compensation which would be payable under this Part in respect of the pension at the assessment date, if the Board assumed responsibility for the scheme, exceeds the notional reviewed rate of compensation in respect of the pension,

that the Board is not satisfied that the criteria in the admissible rules governing entitlement to early payment of pension on grounds of ill health were satisfied in respect of the member at any time after that decision but before the assessment date.

during the assessment period but before the time the Board first F58makes a determination under section 143(2)(a) or approves a scheme valuation under section 144 in relation to the scheme, and

within a reasonable period beginning with the assessment date or, where the decision to make the award was made at a later date, that date.

the definition of “normal pension age” in subsection (1), and

sub-paragraphs (2) and (3) of paragraph 34 of Schedule 7 as they apply by virtue of that definition,

determine whether the condition in subsection (2)(a) of the section in question is satisfied, or

for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.

the trustees or managers of the scheme, and

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

a debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55 during the pre-approval period;

an obligation arising under financial support for the scheme (within the meaning of section 45) put in place during the pre-approval period in accordance with a financial support direction issued under section 43;

an obligation imposed by a restoration order made under section 52 during the pre-approval period in respect of a transaction involving assets of the scheme.

the assets and the protected liabilities of eligible schemes, and

their amount or value,

a debt (including any contingent debt) due to the trustees or managers of the scheme from the employer under section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets),

a debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55,

an obligation arising under financial support for the scheme (within the meaning of section 45) put in place in accordance with a financial support direction issued under section 43, or

an obligation imposed by a restoration order made under section 52 in respect of a transaction involving assets of the scheme,

during the pre-approval period any liability to provide pensions or other benefits to or in respect of any member or members under the scheme is discharged by virtue of regulations under section 135(4) or the Board validating any action mentioned in section 135(9), and

at the relevant time the protected liabilities of the scheme include any cost within section 131(1)(a) relating to compensation in respect of those pensions or other benefits.

in determining that cost the effect of the discharge on the compensation payable in respect of those pensions or other benefits under paragraph 23A of Schedule 7 must be taken into account,

in a case where assets of the scheme at the relevant time were transferred from the scheme during the pre-approval period in consideration for the discharge, those assets are not to be regarded as assets of the scheme at the relevant time, and

in a case where assets that were not assets of the scheme at that time (“later-acquired assets”) were so transferred, the value of the assets of the scheme at that time is to be reduced by the value of the later-acquired assets at the time of the discharge.

references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.

the Regulator,

the trustees or managers of the scheme, and

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

the period within which the determination may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

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

approve the valuation, and

it is approved under section 144,

the period within which the approval may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

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

must issue a notice to that effect (a “withdrawal notice”), and

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

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

the new scheme was established during such period as may be prescribed,

the employer in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme (the “old scheme”),

a transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members under the old scheme has or have been made to the new scheme, and

the main purpose or one of the main purposes of establishing the new scheme and making the transfer or transfers, or transfer payment or transfer payments, was to enable those members to receive compensation under the pension compensation provisions in respect of their rights under the new scheme in circumstances where, in the absence of the transfer or transfers, regulations under section 146 would have operated to prevent such payments in respect of their rights under the old scheme.

must issue a notice to that effect (a “withdrawal notice”), and

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

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

a notice under section 122(4) (inability to confirm status of scheme) is issued in relation to an eligible scheme and becomes binding, and

has occurred in relation to the employer since the issue of the notice under section 122(4), or

is likely to so occur before the end of the period of six months beginning with the date on which this section applies.

no withdrawal notice is issued under subsection (3) before the end of the period mentioned in subsection (2)(b), and

no further insolvency event occurs in relation to the employer during that period,

the Regulator,

the trustees or managers of the scheme, and

the employer.

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

the Regulator,

the trustees or managers of the scheme, and

the employer.