PART 4SEGREGATED SCHEMES:

NON-SEGREGATED MULTI-EMPLOYER SECTIONS OF SEGREGATED SCHEMES WITH REQUIREMENT FOR PARTIAL WIND UP ON WITHDRAWAL OF PARTICIPATING EMPLOYER

The pension compensation provisions44

1

Section 162 of the Act (the pension compensation provisions) shall be modified in its application to a segregated part to which regulation 28 applies so that subsection (1) shall be read as if—

a

for the words “in relation to a scheme”, there were substituted the words “in relation to a segregated part of a multi-employer section of a segregated scheme”;

b

after the word “members” in paragraphs (a) and (b), there were added the words “of that segregated part”;

c

after the word “payable” in paragraph (c), there were inserted the words “to or in respect of members of that segregated part”; and

d

at the end of paragraph (d), there were added the words “payable to or in respect of members of that segregated part”.

2

Section 163 of the Act (adjustments to be made where the Board assumes responsibility for a scheme) shall be modified in its application to a segregated part to which regulation 28 applies so that it shall be read as if, after the words “to any member” in paragraph (a) of subsection (2), there were inserted the words “of that segregated part”.

3

Section 166 of the Act (duty to pay scheme benefits unpaid at assessment date etc) shall be modified in its application to a segregated part to which regulation 28 applies so that it shall be read as if, for the words “assumes responsibility for a scheme” in subsection (1), there were substituted the words “assumes responsibility for a segregated part of a multi-employer section of a segregated scheme”.