Statutory Instruments
Pensions
Made
7th July 2008
Laid before Parliament
11th July 2008
Coming into force
2nd August 2008
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 126(3), 315(2) and 318(1) of the Pensions Act 2004(1).
In accordance with section 317(1) of that Act, the Secretary of State has consulted such persons as he considers appropriate.
1. These Regulations may be cited as the Pension Protection Fund (Entry Rules) Amendment Regulations 2008 and shall come into force on 2nd August 2008.
2.—(1) The Pension Protection Fund (Entry Rules) Regulations 2005(2) are amended in accordance with this regulation.
(2) In regulation 3(1) (schemes which cease to be eligible schemes), at the end of sub-paragraph (b) insert—
“or
(c)the employer in relation to the scheme, or the last remaining employer in relation to a multi-employer scheme, is dissolved,”.
(3) After regulation 3(2), insert—
“(3) In its application to a segregated scheme, paragraph (1) has effect as if each section of the scheme were a separate scheme.”.
Signed by authority of the Secretary of State for Work and Pensions.
Mike O’Brien
Minister of State,
Department for Work and Pensions
7th July 2008
(This note is not part of the Regulations )
These Regulations amend the Pension Protection Fund (Entry Rules) Regulations 2005 (S.I. 2005/590) (“the Entry Rules Regulations”). Pension schemes are required to go through an assessment period to determine whether they can enter the Pension Protection Fund (“the Fund”). Some schemes cease to be eligible to enter the Fund during the assessment period because the sponsoring employer is dissolved. Regulation 2(2) of these Regulations allows such schemes to remain eligible to enter the Fund.
Regulation 2(3) changes the way regulation 3(1) of the Entry Rules Regulations applies to segregated schemes. It amends regulation 3 so that each section of a segregated scheme can remain eligible to enter the Fund.
A full Impact Assessment has not been published for this instrument as it has only a negligible impact on the private and voluntary sectors.
2004 c.35. Section 318(1) is cited for the meaning it gives to “prescribed” and “regulations”.
S.I. 2005/590. Relevant amending instrument is S.I. 2006/580.