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

Relationship with fraud compensation regime

172C1C2C3Relationship with fraud compensation regime

F11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I12

Where an application has been made under section 182 (application for fraud compensation payment), no transfer notice may be given until—

a

the Board has determined the application,

b

the period within which the Board’s determination may be reviewed by virtue of Chapter 6 has expired, and

c

if the determination is so reviewed—

i

the review and any reconsideration,

ii

any reference to the PPF Ombudsman in respect of the determination, and

iii

any appeal against his determination or directions,

has been finally disposed of.

I13

Subsection (4) applies where during an assessment period in relation to a scheme the Board determines to make one or more fraud compensation payments (“the fraud compensation”) to the trustees or managers of the scheme under Chapter 4 of this Part.

I14

For the purposes of determining whether the condition in section 127(2)(a), 128(2)(a), 152(2) F2or (2B) or 158(1) is satisfied, any fraud compensation payment which becomes payable after the relevant time is, to the extent that it relates to a loss incurred by the scheme before that time, to be regarded as an asset of the scheme at that time.

5

For the purposes of subsection (4) “the relevant time”—

I1a

in the case of section 127(2)(a), has the same meaning as in that provision,

I1b

in the case of section 128(2)(a), has the same meaning as in that provision,

I1c

in the case of section 152(2) F3or (2B) means the reconsideration time (within the meaning of section 151), and

I2d

in the case of section 158(1), has the same meaning as in that provision.

I16

Subsection (4) does not apply to the extent that the fraud compensation is payable in respect of a reduction in the value of money purchase assets of the scheme.

For this purpose “money purchase assets” means assets representing the value of any rights in respect of money purchase benefits under the scheme rules.