C5C4C6C7Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C7

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C2C1C3Chapter 3Pension protection

Annotations:
Modifications etc. (not altering text)
C2

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

C1

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

C3

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

Provisions applying to closed schemes

155Treatment of closed schemes

I11

In this section “closed scheme” means an eligible scheme which is authorised under section 153 to continue as a closed scheme.

I22

The provisions mentioned in subsection (3) apply in relation to a closed scheme at any time when the trustees or managers of the scheme are required to wind up or continue winding up the scheme under section 154 as if that time fell within an assessment period in relation to the scheme.

I23

The provisions are—

a

section 40(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 38);

b

section 49(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 47);

c

section 54(5) and (6) (Board to act as creditor for debt due by virtue of a restoration order under section 52);

d

section 56(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under section 55);

e

section 133 (admission of new members, payment of contributions etc);

f

section 134 (directions);

g

section 137 (Board to act as creditor of the employer).

I14

Regulations may require the trustees or managers of a closed scheme in relation to which the provisions mentioned in subsection (3) apply to comply with such requirements as may be prescribed when providing for the discharge of any liability to, or in respect of, a member of the scheme for pensions or other benefits.