The Pension Protection Fund (Entry Rules) (Amendment) Regulations 2009

Statutory Instruments

2009 No. 1552

Pensions

The Pension Protection Fund (Entry Rules) (Amendment) Regulations 2009

Made

23rd June 2009

Laid before Parliament

30th June 2009

Coming into force

21st July 2009

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 134(2)(d) and 318(1) of the Pensions Act 2004(1).

This instrument contains regulations which are made before the end of the period of six months beginning with the coming into force of the provision of the Pensions Act 2004 by virtue of which the regulations are made(2).

Citation and commencement

1.  These Regulations may be cited as the Pension Protection Fund (Entry Rules) (Amendment) Regulations 2009 and shall come into force on 21st July 2009.

Amendment of the Pension Protection Fund (Entry Rules) Regulations 2005

2.  Regulation 15 of the Pension Protection Fund (Entry Rules) Regulations 2005(3) (directions) is amended as follows—

(a) at the beginning insert “(1)”, and

(b) at the end add—

“(2) The amendment of the scheme rules is prescribed as a matter for the purposes of section 134(2) of the Act.”.

Signed by the authority of the Secretary of State for Work and Pensions.

Angela Eagle.

Minister of State,

Department for Work and Pensions

23rd June 2009

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations prescribe the relevant person’s powers in respect of amending the scheme’s rules as a matter for the purposes of section 134(2) of the Pensions Act 2004. Section 134(2) allows the Board of the Pension Protection Fund, with a view to ensuring that the scheme’s protected liabilities do not exceed its assets, or if they do, that the excess is kept to a minimum, to give directions regarding the exercise, during the assessment period, of the relevant person’s powers in respect of specified matters and such other matters as may be prescribed.

A full impact assessment has not been produced for these Regulations as they have no impact on the private or voluntary sectors.

(1)

2004 c.35. Section 318(1) is cited because of the meaning there given to “prescribed” and “regulations”.

(2)

See section 317(2)(d) of the Pensions Act 2004 which provides that the requirement that the Secretary of State consult such persons as the Secretary of State considers appropriate before making regulations does not apply to regulations made before the end of the period of six months beginning with the coming into force of the provisions of that Act by virtue of which the regulations are made.

(3)

S.I 2005/590, to which there are amendments not relevant to these Regulations.