C2C6C5Part 2The Board of the Pension Protection Fund

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

C2C1C4Chapter 3Pension protection

Annotations:
Modifications etc. (not altering text)
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

C4

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

Assumption of responsibility for a scheme

C1C2C3160C1C2C4Transfer notice

I11

This section applies where the Board is required to assume responsibility for a scheme under section 127, 128, 152 or 158.

I12

The Board must give the trustees or managers a notice (a “transfer notice”).

I13

In a case to which section 127 or 128 applies, a transfer notice may not be given until the valuation obtained under section 143 is binding.

I44

In a case to which section 158 applies, a transfer notice may not be given until the valuation obtained under subsection (3) of that section is binding.

I15

A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of section 146 or 147 (refusal to assume responsibility) is reviewable (see section 149(6)(b)).

I16

The Board must give a copy of any notice given under subsection (2) to—

a

the Regulator, and

b

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

I2I37

This section is subject to section F1172(2) (no transfer notice F2... when fraud compensation application is pending).