Part 2U.K.The Board of the Pension Protection Fund

Modifications etc. (not altering text)

Chapter 3U.K.Pension protection

Modifications etc. (not altering text)

C5Pt. 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

Restrictions on schemes during the assessment periodE+W+S

132Assessment periodsE+W+S

(1)In this Part references to an assessment period are to be construed in accordance with this section.

(2)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.

(3)In subsection (2) “qualifying insolvency event” has the meaning given by section 127(3).

(4)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.

(5)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.

(6)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).

Modifications etc. (not altering text)

Commencement Information

I1S. 132(1)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I2S. 132(6) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2