Part 2The Board of the Pension Protection Fund
Chapter 3Pension protection
Refusal to assume responsibility
148Withdrawal following issue of section 122(4) notice
(1)
This section applies where—
(a)
a notice under section 122(4) (inability to confirm status of scheme) is issued in relation to an eligible scheme and becomes binding, and
(b)
a withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—
(i)
beginning with the occurrence of the last insolvency event in relation to the employer, and
(ii)
ending immediately before the notice under section 122(4) becomes binding,
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see section 149).
(2)
The Board must determine whether any insolvency event—
(a)
has occurred in relation to the employer since the issue of the notice under section 122(4), or
(b)
is likely to so occur before the end of the period of six months beginning with the date on which this section applies.
(3)
If the Board determines under subsection (2) that no insolvency event has occurred or is likely to occur as mentioned in that subsection, it must issue a notice to that effect (a “withdrawal notice”).
(4)
Where—
(a)
no withdrawal notice is issued under subsection (3) before the end of the period mentioned in subsection (2)(b), and
(b)
no further insolvency event occurs in relation to the employer during that period,
the Board must issue a notice to that effect (a “withdrawal notice”).
(5)
Where the Board is required to issue a withdrawal notice under this section, it must give a copy of the notice to—
(a)
the Regulator,
(b)
the trustees or managers of the scheme, and
(c)
the employer.
(6)
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has been finally disposed of and the notice has not been revoked, varied or substituted.
(7)
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)
the employer.
(8)
Notices under this section must be in the prescribed form and contain such information as may be prescribed.
(9)
A notice given under subsection (7) must state the time from which the Board ceases to be involved with the scheme (see section 149).