The Pension Protection Fund (Contributions Equivalent Premium) Regulations 2007

Amendment of the Contracting-out Regulations (NI) - Northern Ireland

5.  The Contracting-out Regulations (NI)(1) are amended as follows—

(a) in regulation 51 (contributions equivalent premiums), after paragraph (1)(2), insert—

“(1ZA) But where a contributions equivalent premium is payable by the Board of the Pension Protection Fund, the prescribed person for the purposes of section 51(2) of the Act is the Board of the Pension Protection Fund.

(1ZB) In this Part, where paragraph (1ZA) applies—

(a) except in regulation 52(1), references to “the trustees of the scheme”, “the trustees” or “the trustees of a scheme” shall be read as references to “the Board of the Pension Protection Fund”; and

(b) references to “the resources of the scheme” shall be read as references to “the Pension Protection Fund being the Pension Protection Fund specified in section 173(1) of the Pensions Act 2004 (Pension Protection Fund)”.”; and

(b) in regulation 52 (payment of a contributions equivalent premium), after paragraph (1)(3), insert—

“(1ZA) But where regulation 51(1ZA) applies, the Board of the Pension Protection Fund shall pay the contributions equivalent premium on or before whichever is the later of the following days—

(a) the day 6 months after the date the assessment period (construed in accordance with Article 116 of the 2005 Order) ended, or

(b) the day one month after the day on which Her Majesty’s Revenue and Customs sends to the person liable to pay the contributions equivalent premium a notice certifying the amount of the premium payable.”.

(1)

Part 6 was amended by S.R. 1997 No. 160, 1998 No. 208 and 2005 No. 433, and S.I. 2002/681, 2005/3029 and 3377 and 2006/778. See also Article 3(2) of, and Schedule 2 to, the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999.

(2)

Regulation 51(1) was substituted with regulation 51(1) to (1C) by S.I .2002/681.

(3)

Regulation 52(1) was amended by S.I. 2002/681.