- Latest available (Revised)
- Point in Time (19/12/2007)
- Original (As made)
Version Superseded: 17/07/2008
Point in time view as at 19/12/2007.
There are currently no known outstanding effects for the The Financial Assistance Scheme Regulations 2005,
PART 4
.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
15.—(1) A member or a former member of a qualifying pension scheme is a qualifying member of that scheme for the purposes of these Regulations where—
(a)he is a member of the scheme in respect of whom that scheme's pension liabilities are unlikely to be satisfied in full because the scheme has insufficient assets; F1...
(b)he had ceased to be a member of the scheme and in respect of whom that scheme's pension liabilities were not satisfied in full, at the time he ceased to be a member, because the scheme had insufficient assets[F2; or
(c)he died before the date of the coming into force of these Regulations, but would have satisfied the condition in either sub-paragraph (a) or (b)]
and the conditions in [F3paragraphs (2) and (3)] are satisfied in relation to that member or former member[F4, or would have been satisfied where sub-paragraph (c) applies].
(2) The condition in this paragraph is that the member or former member must have an accrued right to a benefit under the scheme.
(3) The condition in this paragraph is that the member or former member—
(a)was a member of the qualifying pension scheme immediately before the scheme began to wind up; or
(b)was not a member of the scheme at that time but became a pension credit member of the scheme on or after the day on which the scheme began to wind up.
F5(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) A person who is not a member or a former member of a qualifying pension scheme is to be regarded as a qualifying member of such a scheme for the purposes of these Regulations where—
(a)he was entitled to a present payment from a qualifying pension scheme immediately before the scheme began to wind up;
(b)that payment was attributable to the pensionable service of a former member of that scheme who has died;
(c)the scheme's pension liabilities in respect of that person are unlikely to be satisfied in full because the scheme has insufficient assets; F6...
F6(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Word in reg. 15(1)(a) omitted (16.12.2006) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 5(a)(i)
F2Reg. 15(1)(c) and word inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 5(a)(ii)
F3Words in reg. 15(1) substituted (19.12.2007) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 5(a)
F4Words in reg. 15(1) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 5(a)(iii)
F5Reg. 15(4) omitted (19.12.2007) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 5(b)
F6Reg. 15(5)(d) and word omitted (19.12.2007) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 5(c)
16.—(1) A scheme has or had insufficient assets for the purposes of regulation 15 if—
(a)in relation to a scheme which is winding up, at any time during the period beginning immediately before the scheme began to wind up and ending immediately before the liabilities of the scheme were discharged; or
(b)in relation to a scheme which has wound up, immediately before the liabilities of the scheme were discharged,
the assets of the scheme are, or were, insufficient to satisfy in full the liabilities of the scheme.
(2) The liabilities of the scheme which are to be taken into account for the purposes of paragraph (1) are the liabilities of the scheme estimated by reference to the scheme rules but disregarding—
(a)any provision of the scheme rules which limits the amount of its liabilities by reference to the amount of its assets; and
(b)any liabilities in respect of money purchase benefits.
(3) The amount or value of the liabilities referred to in paragraph (2) must be estimated on the assumption that the liabilities will be, or have been, discharged by the purchase of annuities of the kind described in section 74(3)(c) of the 1995 Act (discharge of liabilities: annuity purchase).
(4) The liabilities of the scheme which are to be taken into account under paragraph (2) include all expenses (except the cost of the annuities referred to in paragraph (3)) which—
(a)in the opinion of the trustees or managers of the scheme, are likely to be incurred in connection with the winding up of the scheme; or
(b)in the case of a wound up scheme, were so incurred.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: