C1C2Part 2The Board of the Pension Protection Fund
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.
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