Search Legislation

Pensions Act 2004

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Status of scheme

 Help about opening options

Alternative versions:

Status:

Point in time view as at 01/10/2006.

Changes to legislation:

Pensions Act 2004, Cross Heading: Status of scheme is up to date with all changes known to be in force on or before 04 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

Status of schemeE+W+S

122Insolvency practitioner’s duty to issue notices confirming status of schemeE+W+S

(1)This section applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.

(2)An insolvency practitioner in relation to the employer must—

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

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

(3)Subsection (4) applies where—

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

(b)a prescribed event occurs.

(4)If a person who was acting as an insolvency practitioner in relation to the employer immediately before this subsection applies has not been able to confirm in relation to the scheme—

(a)that a scheme rescue is not possible, or

(b)that a scheme rescue has occurred,

he must issue a notice to that effect.

(5)For the purposes of this section—

(a)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

(b)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.

(6)Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this section, he must give a copy of that notice to—

(a)the Board,

(b)the Regulator, and

(c)the trustees or managers of the scheme.

(7)A person must comply with an obligation imposed on him by subsection (2), (4) or (6) as soon as reasonably practicable.

(8)Regulations may require notices issued under this section—

(a)to be in a prescribed form;

(b)to contain prescribed information.

Modifications etc. (not altering text)

C1Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C2Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

Commencement Information

I1S. 122 in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

I2S. 122 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I3S. 122(1)(2)(4)(6)(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I4S. 122(3)(5)(8) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

123Approval of notices issued under section 122E+W+S

(1)This section applies where the Board receives a notice under section 122(6) (“the section 122 notice”).

(2)The Board must determine whether to approve the section 122 notice.

(3)The Board must approve the section 122 notice if, and only if, it is satisfied—

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

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

(4)Where the Board makes a determination for the purposes of subsection (2), it must issue a determination notice and give a copy of that notice to—

(a)the Regulator,

(b)the trustees or managers of the scheme,

(c)the insolvency practitioner or the former insolvency practitioner who issued the section 122 notice,

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

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

(5)In subsection (4) “determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed.

Modifications etc. (not altering text)

Commencement Information

I5S. 123(1)-(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I6S. 123(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?