Modifications etc. (not altering text)
C1Pt. 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
C2Pt. 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
Valid from 12/07/2005
(1)The Board may, on an application under section 182, make a payment or payments to the trustees or managers of an occupational pension scheme if—
(a)it is of the opinion that—
(i)the case is one to which subsection (1) of that section applies or may apply, and
(ii)the trustees or managers would not otherwise be able to meet liabilities of a prescribed description, but
(b)it has not determined the settlement date under section 184.
(2)Amounts payable under this section must not exceed the amounts determined in accordance with regulations.
(3)The Board may, except in prescribed circumstances, recover so much of any payment made under subsection (1) as it considers appropriate if, after the payment is made, it determines—
(a)that the case is not one to which section 182(1) applies, or
(b)that the amount of the payment was excessive.
(4)Subject to that, a payment under subsection (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.