The Financial Assistance Scheme Regulations 2005

Regulation 4(1)

SCHEDULE 1 U.K. MODIFICATION OF CERTAIN PROVISIONS OF PARTS 1 AND 2 OF THE ACT

1.  In section 68 (power for the Regulator to collect information relevant to the Board of the Pension Protection Fund), for “the Board of the Pension Protection Fund”, substitute “ the scheme manager of the financial assistance scheme which are conferred on [F1 it] by regulations made under, or by virtue of, section 286 ”. U.K.

Textual Amendments

F1 Word in Sch. 1 para. 1 substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(4)(b) (with reg. 37)

2.  In section 85 (disclosure by the Regulator for facilitating the exercise of functions by the Board)— U.K.

(a) for “Section 82 does not preclude” substitute “ Neither section 82 nor Article 77 of the Pensions (Northern Ireland) Order 2005 precludes ”;

(b) for the words “the Board of the Pension Protection Fund to exercise its functions”, substitute “ the scheme manager of the financial assistance scheme to exercise functions conferred on [F2 it] by regulations made under or by virtue of section 286, and Part 2 of the Pensions (Northern Ireland) Order 2005 shall be read accordingly ”.

Textual Amendments

F2 Word in Sch. 1 para. 2(b) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(4)(b) (with reg. 37)

3.  In section 88(4) (disclosure of tax information by the Regulator), after “subsection (3)” insert “ or as mentioned in Article 83(3) of the Pensions (Northern Ireland) Order 2005 ”. U.K.

[F3 3ZA.   In section 113 (investment of funds)— U.K.

(a) at the beginning of subsection (1), insert “Subject to subsection (1A),”; and

(b) after subsection (1), insert—

“(1A) The Board may hold any grant received in accordance with regulation 5(3) of the Financial Assistance Scheme Regulations 2005 (scheme manager) in an interest-bearing account but may not otherwise invest any such grant.”.

Textual Amendments

F3 Sch. 1 paras. 3ZA-3ZE inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(a) (with reg. 37)

3ZB.   After section 114(4) (investment principles), insert— U.K.

“(4A) A statement of investment principles need not cover investments made in accordance with section 113(1A).”.

Textual Amendments

F3 Sch. 1 paras. 3ZA-3ZE inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(a) (with reg. 37)

3ZC.   In section 115(1)(a) (borrowing), after “any of its functions”, insert “except its functions relating to the financial assistance scheme”. U.K.

Textual Amendments

F3 Sch. 1 paras. 3ZA-3ZE inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(a) (with reg. 37)

3ZD.   In section 117(1)(b) (administration levy), after “section 116”, insert “except where such expenditure relates to the financial assistance scheme”. U.K.

Textual Amendments

F3 Sch. 1 paras. 3ZA-3ZE inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(a) (with reg. 37)

3ZE.   In section 119 (annual reports to Secretary of State)— U.K.

(a) in subsection (2)—

(i) after “the Board” insert “in relation to the financial assistance scheme”;

(ii) for “the report” substitute “any part of the report”; and

(iii) after “that section” insert “which relates to the financial assistance scheme”;

(b) in subsection (3), after paragraph (c) insert—

(“d) the operation of the financial assistance scheme including the number of persons who have received payments under the Financial Assistance Scheme Regulations 2005 and the total amount of those payments.”; and

(c) in subsection (6)(a), for “the date on which the Board is established” substitute “the date on which the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 come into force”.]

Textual Amendments

F3 Sch. 1 paras. 3ZA-3ZE inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(a) (with reg. 37)

[F4 3A.   In section 134 (directions)— U.K.

(a) in subsection (1), for “there is an assessment period in relation to an eligible scheme” substitute “an occupational pension scheme is a qualifying pension scheme under section 286(2) which has not been fully wound up”;

(b) in subsection (2), for the words from the beginning to “is kept to a minimum” substitute “With a view to ensuring that any reduction in the scheme’s assets is kept to a minimum or that the assets of the scheme are invested in a way which, in the opinion of the scheme manager, is appropriate”;

(c) in subsections (2) and (4), for “the Board”, substitute “the scheme manager”; and

(d) in subsection (3), after paragraph (a)(i) insert—

“(ia) a professional adviser to the scheme;

(ib) any other person appearing to the scheme manager to be a person who carries out, or is likely to carry out, activities relevant to the use of the assets of the scheme;”.]

Textual Amendments

F4 Sch. 1 para. 3A inserted (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 13(a)

4.  In section 168 (administration of compensation payable by the Board)— U.K.

(a) in subsection (1), for “this Chapter” substitute “ the financial assistance scheme established by regulations under section 286 ”;

(b) for subsection (2), substitute—

“(2) Regulations under subsection (1) may, in particular, make provision—

(a) for the recovery of amounts paid by the scheme manager of the financial assistance scheme in excess of entitlement;

(b) specifying the circumstances in which payments from the financial assistance scheme can be suspended.”; and

(c) omit subsection (3).

5.  In section 190 (information to be provided to the Board etc.)— U.K.

[F5 (a) in subsection (1), for “the Board” substitute “the scheme manager”]

(b) in subsection (2), for “of entitlement to compensation under Chapter 3 of this Part” substitute “ that a person is entitled to a payment from the financial assistance scheme ”.

Textual Amendments

F5 Sch. 1 para. 5(a) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(b) (with reg. 37)

[F6 6.   In section 191 (notices requiring provision of information to the Board)— U.K.

(a) in subsection (1)(b), after “the Board’s” insert “or scheme manager’s”;

(b) in subsection (2)—

(i) before paragraph (a), insert—

“(za) the scheme manager, in relation to the scheme manager’s functions,”;

(ii) in paragraph (a), after “the Board,” insert “in relation to the Board’s functions,”; and

(iii) in paragraph (b), after “the Board” insert “or scheme manager”; and

(c) in subsection (3)—

(i) omit “and” at the end of paragraph (d);

(ii) after paragraph (d), insert—

“(da) in the case of a wound up scheme, any insurance company (within the meaning of the Financial Assistance Scheme Regulations 2005) which is paying annuities to former members of the scheme, and”; and

(iii) in paragraph (e)—

(aa) after “the Board” insert “, scheme manager”; and

(bb) after “the Board’s” insert “or scheme manager’s”.]

Textual Amendments

F6 Sch. 1 para. 6 substituted (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 13(b)

7.  In section 192 (entry of premises to enable performance of functions by the Board)— U.K.

(a) for “the Board”, in each place, substitute “ the scheme manager ”;

(b) in subsection (1)(f), for “the Board's” substitute “ the scheme manager's ”; and

(c) in subsection (6), for “The Board” substitute “ The scheme manager ”.

8.  In section 194 (warrants to enforce entry of premises and obtaining of documents by, or on behalf, of the Board)— U.K.

(a) for “the Board”, in each place, substitute “ the scheme manager ”;

(b) omit in both places “ , or any corresponding provision in force in Northern Ireland ”;

(c) in subsection (1), after “information on oath” insert “ or, in Northern Ireland, on complaint on oath ”;

(d) in subsection (1)(b), for “the Board's” substitute “ the scheme manager's ”;

(e) in subsection (2)(a), after “the information” insert “ or complaint ”; and

(f) in subsection (6), for “The Board” substitute “ The scheme manager ”.

9.  In section 195(1)(b) (offence of providing false or misleading information to the Board), for the words from “by the Board” to the end of that paragraph substitute “ by the scheme manager for the purposes of exercising [F7 its] functions. ”. U.K.

Textual Amendments

F7 Word in Sch. 1 para. 9 substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(2)(b) (with reg. 37)

10.  In section 196 (use of information by the Board)— U.K.

(a) for “the Board”, in each place, substitute “ the scheme manager ”; and

F8 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8 Sch. 1 para. 10(b) omitted (10.7.2009) by virtue of The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(c) (with reg. 37)

11.  In section 197 (restricted information)— U.K.

(a) in subsections (1) and (3), after “the Board”, in each place, insert “ or the scheme manager ”;

[F9 (ab) in subsection (2), before paragraph (a) insert—

“(za) regulation 6A of the Financial Assistance Scheme Regulations 2005,”;]

(b) in subsection (4), after “its functions” insert “ or by the scheme manager in the exercise of [F10 its] functions ”;

(c) in subsection (6)(a), after “that section” insert “ (disregarding any modifications of that section made by the Financial Assistance Scheme Regulations 2005) ”; and

(d) after subsection (6), insert—

“(6A) Information which—

(a) is obtained under section 191 by a person authorised under subsection (2)(b) of that section, but

(b) if obtained by the scheme manager, would be restricted information,

is treated for the purposes of subsections (1) and (3) and sections 198 to 201 and 203 as restricted information which the person has received from the scheme manager.”.

Textual Amendments

F9 Sch. 1 para. 11(ab) inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(d) (with reg. 37)

F10 Word in Sch. 1 para. 11(b) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(2)(b) (with reg. 37)

12.  In section 198 (disclosure by the Board of restricted information for facilitating exercise of functions by the Board)— U.K.

(a) at the end of subsection (1), add “ or the scheme manager to exercise [F11 its] functions ”;

(b) in subsection (2)—

(i) after “its functions”, insert “ or the scheme manager properly to exercise any of [F12 its] functions ”; and

(ii) after “the Board”, in the second place, insert “ or, as the case may be, the scheme manager ”; and

(c) in subsection (3)—

(i) after “the Board”, in both places, insert “ or, as the case may be, the scheme manager ”; and

(ii) for “he” substitute “ that person ”.

Textual Amendments

F11 Word in Sch. 1 para. 12(a) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(2)(b) (with reg. 37)

F12 Word in Sch. 1 para. 12(b)(i) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(2)(b) (with reg. 37)

13.  In section 200(1) (disclosure by the Board of restricted information for facilitating the exercise of functions by other supervisory authorities)— U.K.

(a) after “the Board”, in the first place, insert “ or the scheme manager ”; and

(b) after “the Board”, in the second place, insert “ or, as the case may be, the scheme manager ”.

14.  In section 201 (other permitted disclosures of restricted information by the Board)— U.K.

(a) in subsection (1)—

(i) after “the Board”, in the first place, insert “ or the scheme manager ”;

(ii) after “the Board”, in the second place, insert “ or, as the case may be, the scheme manager ”;

(b) in subsection (2), after “the Board”, in both places, insert “ or the scheme manager ”;

(c) in subsection (2)(d), for “it has a right” substitute “ the Board or the scheme manager has a right ”;

(d) in subsection (8), for “with the consent of the Board” substitute—

“(a) in a case where the disclosure under that subsection was made by the Board, with the consent of the Board, and

(b) in a case where the disclosure under that subsection was made by the scheme manager, with [F13 its] consent”;

(e) for subsection (9)(a), substitute—

“(a) in a case where the disclosure under that subsection was made by the Board, with the consent of the Board,

(aa) in a case where the disclosure under that subsection was made by the scheme manager, with [F13 its] consent, and”; and

(f) in subsection (10)—

F14 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) after “the Board” insert “ or, as the case may be, the scheme manager ”; and

F15 (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F13 Word in Sch. 1 para. 14(d)(e) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 7(2)(b) (with reg. 37)

F14 Sch. 1 para. 14(f)(i) omitted (10.7.2009) by virtue of The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(e) (with reg. 37)

F15 Sch. 1 para. 14(f)(iii) omitted (10.7.2009) by virtue of The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(e) (with reg. 37)

15.  In section 203 (provision of information to members of schemes etc. by the Board)— U.K.

(a) in subsection (1), after “the Board” insert “ or the scheme manager ”;

(b) in subsections (3)(c), (5)(b) and (c) and (6)(c), after “the Board”, in each place, insert “ or, as the case may be, the scheme manager ”;

(c) after “the Board's”, in each place, insert “ or the scheme manager's ”;

(d) omit “ or ” at the end of subsection (1)(b)(ii) and insert after that sub-paragraph—

“(iia) relating to any determination made in relation to the financial assistance scheme, or”;

(e) in subsection (2), after “Chapter 3” insert “ or, as the case may be, to a payment from the financial assistance scheme ”;

(f) in subsection (4)—

(i) in paragraph (a), after “who is” insert “ or was ”;

(ii) in paragraph (b), after “member” insert “ or former member ”; and

(g) after subsection (6)(a)(iv), insert—

“(v) in the case of a wound up scheme, any insurance company (within the meaning in the Financial Assistance Scheme Regulations 2005) which is paying annuities to former members of the scheme,”.

16.  In section 204 (interpretation of sections 190 to 203)— U.K.

(a) after subsection (2), insert—

“(2A) The “scheme manager” is the person who manages the financial assistance scheme.

(2B) The “financial assistance scheme” is the scheme established by regulations under section 286.”; and

(b) after subsection (3), add—

“(4) Where the scheme manager has functions in relation to a scheme which is wound up, any reference to a trustee, manager, professional adviser or employer in relation to the scheme is to be read as reference to a person who held that position in relation to the scheme before it wound up.”.

[F16 17.   In paragraph 18(2) of Schedule 5 (delegation)— U.K.

(a) after sub-paragraph (g), insert—

“(ga) regulation 9(1)(d) of the Financial Assistance Scheme Regulations 2005 (“the 2005 Regulations”) (receiving notification of the details prescribed in regulation 14);

(gb) regulation 14A of the 2005 Regulations (working with qualifying pension schemes);

(gc) regulations 17 to 20 of, and Schedules 2 and 2A to, the 2005 Regulations in so far as those provisions relate to—

(i) the determination of the amount of payments to beneficiaries,

(ii) paying instalments of payments to beneficiaries (including non-payment where the scheme manager decides to suspend payments in accordance with regulation 8 of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005), or

(iii) receiving information pursuant to notification requirements;

(gd) the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005 except—

(i) regulation 3(2) (notification following determination of whether or not a scheme is a qualifying pension scheme), and

(ii) regulation 8 (suspension of payments) in so far as that regulation provides for the scheme manager to decide to suspend payments or not continue any such suspension;

(ge) regulations 3 (notice of a reviewable determination), 14(d) (dealing with matters arising out of a review decision) and 16 (notice of a review decision or a subsequent review decision) of the Financial Assistance Scheme (Internal Review) Regulations 2005;

(gf) regulation 23(6) and (8) (taking or refraining from taking such steps as directed by the Ombudsman) of the Financial Assistance Scheme (Appeals) Regulations 2005;”; and

(b) in sub-paragraph (h), for the words “paragraphs (a) to (g)” substitute “paragraphs (a) to (gf)”.

Textual Amendments

F16 Sch. 1 paras. 17, 18 added (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(f) (with reg. 37)

18.   In paragraph 22(7)(a) of Schedule 5 (accounts), for “the date on which the Board is established” substitute “the date on which the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 come into force”.] U.K.

Textual Amendments

F16 Sch. 1 paras. 17, 18 added (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 18(f) (with reg. 37)