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

Modifications etc. (not altering text)

C4Pt. 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

Chapter 3U.K.Pension protection

Modifications etc. (not altering text)

C5Pt. 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

C6Pt. 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

C7Pt. 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 schemeU.K.

160Transfer noticeE+W+S

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

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

(3)In a case to which section 127 or 128 applies, a transfer notice may not be given until the [F1determination made or valuation obtained under section 143(2)] is binding.

(4)In a case to which section 158 applies, a transfer notice may not be given until the [F2determination made or] valuation obtained under subsection (3) of that section is binding.

(5)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)).

(6)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.

(7)This section is subject to section [F3172(2)] (no transfer notice F4... when fraud compensation application is pending).

Textual Amendments

F1Words in s. 160(3) substituted (23.7.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 12(2); S.I. 2012/1681, art. 3(b)(ii)

F4Words in s. 160(7) omitted (3.1.2012) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 17(2)(b); S.I. 2011/3034, art. 3(i)(ii)

Modifications etc. (not altering text)

Commencement Information

I1S. 160(1)-(3)(5)(6) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I2S. 160(4) in force at 6.4.2007 by S.I. 2006/2272, art. 2(7), Sch. Pt. 2

I3S. 160(7) in force in so far as it relates to section 172(1) at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I4S. 160(7) in force at 6.4.2006 in so far as not already in force by S.I. 2006/560, art. 2(3), Sch. Pt. 3