4.—(1) In regulations 11(1) (condition to be satisfied by employer), 12(1) and (2) (condition to be satisfied: multi-employer schemes) and 13(2)(b) and (4) (insolvency events), for “the last day of the notification period” substitute “28th February 2007”.
(2) In regulation 11(2) for “includes every”, in both places it occurs, substitute “is to the”.
(3) In regulation 12—
(a)in paragraph (1), for sub-paragraphs (a), (b) and (c) substitute—
“(a)in relation to the principal employer in that section; or
(b)where either there is no principal employer in that section or, where the principal employer is not an employer, there has been no insolvency event in relation to such a principal employer in that section—
(i)in relation to the employer in that section; or
(ii)where there is more than one employer in that section, in relation to all the employers in that section.”;
(b)in paragraph (2), for sub-paragraph (b) substitute—
“(b)where either there is no principal employer or, where the principal employer is not an employer, there has been no insolvency event in relation to such a principal employer—
(i)in relation to the employer; or
(ii)where there is more than one employer, in relation to all the employers.”;
(c)in paragraphs (3) and (4)—
(i)after “references to the employer” insert “(other than in the phrase “principal employer”)”;
(ii)omit “are”; and
(iii)for “to the person” substitute “include every person”; and
(d)in—
(i)paragraph (5), for “in paragraphs (1)(b) and (c)” substitute “(who may or may not be an employer within the meaning of paragraph (3) or (4)) in paragraphs (1)”; and
(ii)paragraph (5) and the definition of “principal employer” in paragraph (6), for “the employer” in each place it occurs, substitute “the person”.
(4) After regulation 13(3) insert—
“(3A) Where the scheme manager is satisfied that the employer in relation to an occupational pension scheme is unlikely to continue as a going concern, the scheme manager may treat an insolvency event as having occurred in relation to that employer for the purposes of regulations 11 and 12 where he is satisfied that on 28th February 2007 or on some earlier date all of the following circumstances applied to that employer—
(a)no insolvency event referred to elsewhere in this regulation has occurred or is likely to occur in relation to the employer;
(b)the value of the assets of the employer is less than the amount of its liabilities, taking into account its contingent and prospective liabilities; and
(c)the employer is unable to pay its debts as they fall due or have fallen due.”.
(5) After regulation 13(4) insert—
“(4A) An insolvency event also occurs for the purposes of regulations 11 and 12 where the scheme manager is satisfied that on or before 28th February 2007—
(a)an event has occurred in any jurisdiction outside the United Kingdom, in relation to an employer, that substantially corresponds to any event referred to in—
(i)section 121(2) to (4) (other than subsection (3)(f) of that section),
(ii)Article 105(2) to (4) and (12) (other than paragraph (3)(f) of that Article), and
(iii)paragraph (4) of this regulation; and
(b)that employer is unlikely to continue as a going concern.”.
(6) In paragraph (6), after the definition of “administration order” insert—
““employer” includes a person who is a principal employer for the purposes of regulation 12;”.