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Pensions Act 2011

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This is the original version (as it was originally enacted).

Requirement to obtain protected benefits quotation

This section has no associated Explanatory Notes

15(1)Section 152 of the Pensions Act 2004 (Board’s duty to assume responsibility for scheme) is amended as follows.

(2)After subsection (1) insert—

“(1A)Subsection (2) applies where the application is accompanied by a protected benefits quotation.”

(3)After subsection (2) insert—

“(2A)Subsection (2B) applies where—

(a)the application is accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, and

(b)the Board is satisfied that that is the case.

(2B)The Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the amount of the protected liabilities at that time.”

(4)In subsection (3)—

(a)after “subsection (2)” insert “or (2B)”, and

(b)for “a determination notice” substitute “a notice to that effect (a “determination notice”)”.

(5)Omit subsection (4).

(6)In subsection (5)—

(a)after “in subsection (2)” insert “or (2B)”, and

(b)for “under subsection (2)” substitute “under that subsection”.

(7)Omit subsection (8).

(8)In subsection (10) for “Regulations” substitute “Where subsection (2) applies, regulations”.

(9)After subsection (10) insert—

“(10A)The Board may, for the purposes of subsection (2B), obtain its own valuation of the assets of the scheme and the protected liabilities of the scheme as at the reconsideration time (within the meaning of section 151).

(10B)A valuation under subsection (10A) must be prepared in accordance with such requirements as may be prescribed.

(10C)Section 143(3) to (6) applies in relation to a determination under subsection (2B) and a valuation under subsection (10A) as it applies in relation to a determination under section 143(2)(a) and an actuarial valuation obtained under section 143(2)(b).

(10D)In the application of section 143 by virtue of subsection (10C)—

(a)references to the relevant time are to be read as references to the reconsideration time (within the meaning of section 151), and

(b)references to the pre-approval period are to be read as references to the period which begins immediately after the reconsideration time, and ends immediately before the Board first issues a determination notice under this section.”

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