The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

[F1Valuation of assetsU.K.

This section has no associated Explanatory Memorandum

23.—[F2(1) Section 143 of the Act (Board’s obligation to obtain valuation of assets and protected liabilities) shall be modified in its application to a section of a scheme to which regulation 14 applies so that it shall be read as if–

(a)for the words “the scheme” in subsection (2)(b), there were substituted the words “the relevant section of the scheme”; and

(b)after subsection (2A), there were inserted the following subsection–

“(2B) Where the trustees or managers of a multi-employer section of a segregated scheme receive a copy of a notice under subsection (2A), they must send a copy of that notice as soon as practicable to all the employers in relation to that section of the scheme and to the trustees or managers of each section of the scheme (if different).”.]

[F3(1A) Section 143A of the Act (determinations under section 143) shall be modified in its application to a section of a scheme to which regulation 14 applies so that it shall be read as if–

(a)after subsection (1), there were inserted the following subsection–

“(1A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a copy of a determination under subsection (1), they must send a copy of that determination as soon as practicable to all the employers in relation to that section of the scheme and to the trustees or managers of each section of the scheme (if different).”; and

(b)for the words “a scheme” in subsection (3), there were substituted the words “the relevant section of a scheme”.]

(2) Section 144 of the Act (approval of valuation) shall be modified in its application to a section of a scheme to which regulation 14 applies so that it shall be read as if—

(a)in subsection (1), for the words “obtains a valuation in respect of a scheme”, there were substituted the words “obtains a valuation in respect of the relevant section of the scheme”;

(b)in paragraph (b)(iii) of subsection (2), for the words “in relation to the employer or, if there is no such insolvency practitioner, the employer”, there were substituted the words “in relation to an employer or, if there is no such insolvency practitioner, that employer”; and

(c)after subsection (2), there were inserted the following subsection—

“(2A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a copy of a valuation from the Board under subsection (2), they must send a copy of that valuation as soon as practicable to all the employers in relation to that section of the scheme and to the trustees or managers of each section of the scheme (if different).”.

(3) Section 145 of the Act (binding valuations) shall be modified in its application to a section of a scheme to which regulation 14 applies so that it shall be read as if—

(a)in subsection (2), for the words “in relation to a scheme”, there were substituted the words “in relation to the relevant section of the scheme”;

(b)in paragraph (c) of subsection (3), for the words “in relation to the employer or, if there is no such insolvency practitioner, the employer”, there were substituted the words “in relation to an employer or, if there is no such insolvency practitioner, that employer”; and

(c)after subsection (3), there were inserted the following subsection—

“(3A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a notice from the Board under subsection (3) together with a copy of a binding valuation, they must send a copy of the notice and the binding valuation as soon as practicable to all the employers in relation to that section of the scheme and to the trustees or managers of each section of the scheme (if different).”.]

Textual Amendments