Part 2The Board of the Pension Protection Fund
Chapter 2Information relating to employer’s insolvency etc
Status of scheme
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.
I15
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.