7A.—(1) The conditions which apply to a regulated apportionment arrangement are as follows—
(a)the arrangement applies to a trust scheme where—
(i)the trustees are of the opinion that there is a reasonable likelihood of an assessment period commencing in relation to the scheme within the following twelve months; or
(ii)an assessment period has already commenced in relation to the scheme and has not come to an end;
(b)[F2where an assessment period has not already commenced, each of the following persons agrees to the arrangement—
(i)the trustees of the scheme, and either
(ii)where the employer’s liability share is increased, the employer, or
(iii)where the employer’s liability share is reduced, any remaining employer to whom all or part of the amount that would have been the employer’s liability share is being apportioned;]
(c)the arrangement and any amendments to the arrangement are approved by the Authority by a notice of approval; and
(d)the Board of the PPF do not object to the arrangement.
(2) A notice of approval is a confirmation, issued by the Authority, that in their opinion in the circumstances described in the application it would be reasonable to issue a notice of approval.]
Textual Amendments
F1 Regs. 7 7A substituted for reg. 7 (6.4.2008) by The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2008 (S.I. 2008/731), regs. 2(1), 8 (with reg. 2(3)-(8))