The Financial Assistance Scheme Regulations 2005

Qualifying members U.K.

15.— [F1 (1) A member or a former member of a qualifying pension scheme is a qualifying member of that scheme for the purposes of—

(a) section 286A (restriction on purchase of annuities); and

(b) these Regulations,

where the conditions in paragraphs (2) to (3A) are satisfied in relation to that member or former member or would have been satisfied in relation to that member or former member had that member or former member not died before the coming into force of these Regulations.]

(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.

[F2 (3A) The condition in this paragraph is that the scheme’s pension liabilities have not been satisfied in full in respect of that member.]

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) [F4 Except for the purposes of regulations 17A and 17B,] 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;

[F5 (c) the scheme’s pension liabilities in respect of that person have not been satisfied in full.]

F6 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Reg. 15(1) substituted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 6(a)

F2 Reg. 15(3A) inserted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 6(b)

F3 Reg. 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)

F4 Words in reg. 15(5) inserted (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 8

F5 Reg. 15(5)(c) substituted (1.4.2010) by The Pensions Act 2008 (Commencement No. 7 and Saving, Consequential and Incidental Provisions) Order 2010 (S.I. 2010/1145), art. 4(1)(b)(3)

F6 Reg. 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)