PART 9MULTI-EMPLOYER SCHEMES:

THE PENSION PROTECTION LEVIES

Modification of sections 175 to 181 of the Act: segregated schemes73.

(1)

This regulation applies to a segregated scheme.

(2)

In the case of a segregated scheme to which this regulation applies—

(a)

sections 175 to 181 of the Act (pension protection levies) shall have effect as if each section of the scheme were a separate scheme; and

(b)

references in sections 175 to 181 to “an eligible scheme” shall be read as if they were references to a section of the scheme in circumstances where that section, if it were a scheme, would not be—

(i)

a money purchase scheme; or

(ii)

a scheme which is a prescribed scheme or a scheme of a prescribed description under section 126(1)(b) of the Act (eligible schemes).

(3)

For the purposes of this regulation, section 179 of the Act (valuations to determine scheme underfunding) shall be modified so that it shall be read as if, for the words “an actuarial valuation of the scheme” in F1subsection (1)(a), there were substituted the words “ an actuarial valuation of the section ”.