The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

Partially guaranteed schemesE+W+S

This section has no associated Explanatory Memorandum

11.—(1) [F1Except where a partially guaranteed scheme is a scheme to which regulation 2A of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (schemes to which paragraph (1) of regulation 2 does not apply) applies,] the fraud compensation provisions (except sections 182(4) and 183) shall, in relation to partially guaranteed schemes, be read as if they contained the modifications provided for in paragraph (2).

(2) The following provisions shall be modified in their application to partially guaranteed schemes so that they shall be read as if—

(a)in section 182(1) for “an occupational pension scheme” there were substituted “ a partially guaranteed scheme ”;

(b)in section 182(1)(b) for “the scheme” there were substituted “ the unsecured part ”;

(c)after section 182(1) there were inserted—

“(1A) For the purposes of section 182 (except subsection (4)) and sections 184 to 186 “unsecured part” means any part of a partially guaranteed scheme—

(a)in respect of which no guarantee has been given by a relevant public authority; and

(b)which relates to benefits payable under the scheme in respect of which—

(i)no such guarantee has been given, and

(ii)no other arrangements referred to in section 307(3)(b) have been made.”;

(d)in section 182(7) for “a scheme” there were substituted “ an unsecured part ” and for “the scheme” there were substituted “ the unsecured part ”;

(e)in section 184(3) for “the value of the assets of the scheme” there were substituted “ the value of the assets of the unsecured part ”;

(f)after section 185(2) there were inserted—

“(2A) Fraud compensation payments must be added to the assets of the unsecured part of a partially guaranteed scheme to which the amount of the reduction (or, if there has been more than one reduction, the aggregate amount of the reductions) referred to in section 182(1)(b) relates.”;

(g)in section 186(1) for “an occupational pension scheme” there were substituted “ a partially guaranteed scheme ”;

(h)after section 186(2) there were inserted—

“(2A) Amounts payable under this section must be added to the assets of the unsecured part of a partially guaranteed scheme to which the amount of the reduction (or, if there has been more than one reduction, the aggregate amount of the reductions) referred to in section 182(1)(b) relates.”.

Textual Amendments