The Financial Assistance Scheme Regulations 2005

[F1 Application of this Part U.K.

21.— (1) This Part applies to a qualifying pension scheme where—

(a) the qualifying pension scheme has not been fully wound up;

(b) the liabilities of that scheme to or in respect of all members and former members have not been discharged; and

(c) the liabilities of the scheme to or in respect of all members and former members of the scheme have not been, or in the opinion of the scheme manager are unlikely to be, discharged by way of—

(i) binding commitments to purchase annuities;

(ii) the scheme manager having given approval to the trustees of the scheme to purchase annuities under section 286A;

(iii) a transfer of, or transfer payment in respect of, members’ rights;

(iv) such other method of discharging any liability of the scheme for which the scheme manager has given approval under section 135(4C); or

(v) state scheme premiums being paid pursuant to section 55 of the 1993 Act or state scheme rights having been restored under regulation 49 of the Occupational Pension Schemes (Contracting-out) Regulations 1996 or regulation 49 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996.

(2) This Part applies to a qualifying member of a qualifying pension scheme where—

(a) the liabilities of that scheme to and in respect of that member have not been, or, in the opinion of the scheme manager, are unlikely to be, fully discharged as a result of any of the methods listed in paragraph (1)(c); or

(b) the liabilities of the scheme to and in respect of that member have not been, or, in the opinion of the scheme manager, are unlikely to be, partially discharged by way of—

(i) a binding commitment to purchase an annuity; or

(ii) the scheme manager having given approval to the trustees of the scheme to purchase an annuity under section 286A.

(3) Notwithstanding paragraph (2)(b), this Part applies to a qualifying member of a qualifying pension scheme where the liabilities of the scheme for and in respect of that member have been partially discharged by one of the methods listed in paragraph (2)(b) if the only liabilities so discharged relate to benefits derived from the payment of voluntary contributions.

(4) In this regulation, no account shall be taken of any money purchase benefits when determining the liabilities of the scheme.]

Textual Amendments

F1 Pts. 7, 8, 9 inserted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 14, Sch. 1