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The Financial Assistance Scheme Regulations 2005

Changes over time for: Section 15

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Version Superseded: 17/07/2008

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Qualifying membersU.K.

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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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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