Status of scheme
122Insolvency practitioner’s duty to issue notices confirming status of scheme
(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.
123Approval of notices issued under section 122
(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.