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The Pension Protection Fund (Contributions Equivalent Premium) Regulations 2007
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- UK Statutory Instruments
- 2007 No. 834
- Regulation 2
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Liability to pay a CEP incurred before an assessment period begins
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2.—(1) For the purposes of section 135(4)(b)(ii) of the 2004 Act (restrictions on winding up, discharge of liabilities etc), a prescribed liability is a liability of the trustees or managers of the scheme to pay a CEP which—
(a)is incurred before the assessment date; and
(b)has not been discharged before that date.
(2) A scheme incurs a liability to pay a CEP before the assessment date if, before that date, the trustees or managers of the scheme were required, or elected, to pay a CEP and had not discharged that liability before the assessment date.
(3) Where paragraph (1) applies, the trustees or managers of the scheme may discharge the prescribed liability to pay a CEP during the scheme’s assessment period.
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