C1C2Part 2The Board of the Pension Protection Fund

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

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

C2Chapter 3Pension protection

The fund

173Pension Protection Fund

1

The Pension Protection Fund shall consist of—

a

property and rights transferred to the Board under section 161(2)(a),

b

contributions levied under section 174 or 175 (initial and pension protection levies),

c

money borrowed by the Board under section 115 for the purposes of this Chapter,

d

any income or capital gain credited under subsection (2),

e

any amount paid to the Board by virtue of section 139 (repayment of loans to trustees or managers and payment of interest),

f

amounts recovered under section 163(4)(a) or by virtue of section 168(2)(e) (overpayments),

g

any amount paid to the Board in respect of a debt due to the Board under section 40(7) by virtue of a contribution notice under section 38,

h

any property transferred or amounts paid to the Board as required by a restoration order under section 52,

i

any amount paid to the Board in respect of a debt due to the Board under section 56(7) by virtue of a contribution notice under section 55,

j

amounts transferred from the Fraud Compensation Fund under section 187 (fraud compensation transfer payments), and

k

amounts of a prescribed description (other than amounts paid, directly or indirectly, to the Board by the Crown).

2

The Board must credit to the Pension Protection Fund any income or capital gain arising from the assets in the Fund.

3

The following are to be paid or transferred out of the Pension Protection Fund—

a

any sums required to meet liabilities transferred to the Board under section 161(2)(a),

b

any sums required to make payments in accordance with the pension compensation provisions,

c

any sums required for the repayment of, and the payment of interest on, money within subsection (1)(c),

d

any sums required to make loans under section 139 (loans to trustees or managers),

e

any sums required to make payments under section 163(4)(b) (underpayments during the assessment period),

f

any sums required to make payments under section 166 (payment of unpaid scheme benefits etc),

g

any sums required to discharge liabilities under section 169 or 170 (discharge of liabilities in respect of compensation or money purchase benefits),

h

any sums required to meet any liabilities arising from obligations imposed on the Board by a restoration order under section 52,

i

any property (other than sums) required to meet any liabilities—

i

transferred to the Board as mentioned in paragraph (a) and arising from obligations imposed by a restoration order under section 52, or

ii

arising from obligations imposed on the Board by such an order,

j

any sums required to meet expenditure incurred by virtue of section 161(5) and paragraph 7 of Schedule 6 (expenditure associated with transfer of property, rights and liabilities to the Board), and

k

sums required for prescribed purposes.

4

No other amounts are to be paid or transferred out of the Pension Protection Fund.

5

In subsection (1) (other than paragraph (d)) and subsection (3) (other than paragraph (c)) any reference to a provision of this Act is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.