C2C6C3Part 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 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13, (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18)
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
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
Refusal to assume responsibility
C1C2C4147C1C2New schemes created to replace existing schemes
1
The Board must refuse to assume responsibility for a scheme (“the new scheme”) under this Chapter where it is satisfied that—
I1a
the new scheme was established during such period as may be prescribed,
I2b
the employer in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme (the “old scheme”),
I2c
a transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members under the old scheme has or have been made to the new scheme, and
I2d
the main purpose or one of the main purposes of establishing the new scheme and making the transfer or transfers, or transfer payment or transfer payments, was to enable those members to receive compensation under the pension compensation provisions in respect of their rights under the new scheme in circumstances where, in the absence of the transfer or transfers, regulations under section 146 would have operated to prevent such payments in respect of their rights under the old scheme.
I22
Where, under subsection (1), the Board is required to refuse to assume responsibility for a scheme, it—
a
must issue a notice to that effect (a “withdrawal notice”), and
b
give a copy of that notice to—
i
the Regulator,
ii
the trustees or managers of the scheme, and
iii
any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
I23
For the purposes of this Part a withdrawal notice issued under this section is not binding until—
a
the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and
b
if the issue of the notice is so reviewed—
i
the review and any reconsideration,
ii
any reference to the PPF Ombudsman in respect of the issue of the notice, and
iii
any appeal against his determination or directions,
has been finally disposed of and the notice has not been revoked, varied or substituted.
I24
Where a withdrawal notice issued under this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—
a
the Regulator,
b
the trustees or managers of the scheme, and
c
any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
I15
Notices under this section must be in the prescribed form and contain such information as may be prescribed.
I26
A notice given under subsection (4) must state the time from which the Board ceases to be involved with the scheme (see section 149).
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