The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008

Amendment of Schedule 1

This section has no associated Explanatory Memorandum

13.  In Schedule 1 (modification of certain provisions of Parts 1 and 2 of the Act)—

(a)after paragraph 3 insert—

“3A.  In section 134 (directions)—

(a)in subsection (1), for “there is an assessment period in relation to an eligible scheme” substitute “an occupational pension scheme is a qualifying pension scheme under section 286(2) which has not been fully wound up”;

(b)in subsection (2), for the words from the beginning to “is kept to a minimum” substitute “With a view to ensuring that any reduction in the scheme’s assets is kept to a minimum or that the assets of the scheme are invested in a way which, in the opinion of the scheme manager, is appropriate”;

(c)in subsections (2) and (4), for “the Board”, substitute “the scheme manager”; and

(d)in subsection (3), after paragraph (a)(i) insert—

“(ia)a professional adviser to the scheme;

(ib)any other person appearing to the scheme manager to be a person who carries out, or is likely to carry out, activities relevant to the use of the assets of the scheme;”.”;

(b)for paragraph 6 substitute—

“6.  In section 191 (notices requiring provision of information to the Board)—

(a)in subsection (1)(b), after “the Board’s” insert “or scheme manager’s”;

(b)in subsection (2)—

(i)before paragraph (a), insert—

“(za)the scheme manager, in relation to the scheme manager’s functions,”;

(ii)in paragraph (a), after “the Board,” insert “in relation to the Board’s functions,”; and

(iii)in paragraph (b), after “the Board” insert “or scheme manager”; and

(c)in subsection (3)—

(i)omit “and” at the end of paragraph (d);

(ii)after paragraph (d), insert—

“(da)in the case of a wound up scheme, any insurance company (within the meaning of the Financial Assistance Scheme Regulations 2005(1)) which is paying annuities to former members of the scheme, and”; and

(iii)in paragraph (e)—

(aa)after “the Board” insert “, scheme manager”; and

(bb)after “the Board’s” insert “or scheme manager’s”.”.