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

Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135

52.—(1) Section 135 of the Act (restrictions on winding up, discharge of liabilities etc) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if—

(a) after the words “the winding up of the scheme” in subsection (2), there were inserted the words “under or by virtue of the scheme rules”; and

(b) after subsection (4), there were inserted the following subsection—

“(4A) Where an assessment period has begun in relation to a segregated part of a non-segregated scheme, the trustees or managers shall not, without the prior approval of the Board, take any action to discharge or transfer any of the assets in that part or any assets that may be assigned to that part.”.

(2) Section 136 of the Act (power to validate contraventions of section 135) shall be modified in its application to a segregated part to which regulation 45 of these Regulations applies so that it shall be read as if, after subsection (2), there were inserted the following subsection—

“(2A) Where the trustees or managers of a segregated part of a non-segregated scheme receive a notice from the Board under subsection (2), they must send a copy of that notice as soon as practicable to all the employers in relation to the scheme.”.