C2C5C3Part 2The Board of the Pension Protection Fund
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1
Pt. 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
C2C1C5Chapter 3Pension protection
Pt. 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
Restrictions on schemes during the assessment period
C1C2C4132C1C2Assessment periods
I11
In this Part references to an assessment period are to be construed in accordance with this section.
I12
Where, in relation to an eligible scheme, a qualifying insolvency event occurs in relation to the employer, an assessment period—
a
begins with the occurrence of that event, and
b
ends when—
i
the Board ceases to be involved with the scheme (see section 149),
ii
the trustees or managers of the scheme receive a transfer notice under section 160, or
iii
the conditions in section 154(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,
whichever first occurs.
I13
In subsection (2) “qualifying insolvency event” has the meaning given by section 127(3).
I14
Where, in relation to an eligible scheme, an application is made under section 129(1) or a notification is received under section 129(5)(a), an assessment period—
a
begins when the application is made or the notification is received, and
b
ends when—
i
the Board ceases to be involved with the scheme (see section 149),
ii
the trustees or managers of the scheme receive a transfer notice under section 160, or
iii
the conditions in section 154(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,
whichever first occurs.
I15
For the purposes of subsection (4) an application under section 129(1) or notification under section 129(5)(a) is to be disregarded if it is made or given during an assessment period in relation to the scheme which began before the application was made or notification was given.
I26
This section is subject to section 159 (which provides for further assessment periods to begin in certain circumstances where schemes are required to wind up or continue winding up under section 154).
Pt. 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