3ZA

In section 113 (investment of funds)—

a

at the beginning of subsection (1), insert “Subject to subsection (1A),”; and

b

after subsection (1), insert—

1A

The Board may hold any grant received in accordance with regulation 5(3) of the Financial Assistance Scheme Regulations 200513 (scheme manager) in an interest-bearing account but may not otherwise invest any such grant.

3ZB

After section 114(4) (investment principles), insert—

4A

A statement of investment principles need not cover investments made in accordance with section 113(1A).

3ZC

In section 115(1)(a) (borrowing), after “any of its functions”, insert “except its functions relating to the financial assistance scheme”.

3ZD

In section 117(1)(b) (administration levy), after “section 116”, insert “except where such expenditure relates to the financial assistance scheme”.

3ZE

In section 119 (annual reports to Secretary of State)—

a

in subsection (2)—

i

after “the Board” insert “in relation to the financial assistance scheme”;

ii

for “the report” substitute “any part of the report”; and

iii

after “that section” insert “which relates to the financial assistance scheme”;

b

in subsection (3), after paragraph (c) insert—

“d

the operation of the financial assistance scheme including the number of persons who have received payments under the Financial Assistance Scheme Regulations 2005 and the total amount of those payments.”; and

c

in subsection (6)(a), for “the date on which the Board is established” substitute “the date on which the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 come into force”.

a

in subsection (1), for “the Board” substitute “the scheme manager”

ab

in subsection (2), before paragraph (a) insert—

za

regulation 6A of the Financial Assistance Scheme Regulations 2005,

17

In paragraph 18(2) of Schedule 5 (delegation)—

a

after sub-paragraph (g), insert—

ga

regulation 9(1)(d) of the Financial Assistance Scheme Regulations 2005 (“the 2005 Regulations”) (receiving notification of the details prescribed in regulation 14);

gb

regulation 14A of the 2005 Regulations (working with qualifying pension schemes);

gc

regulations 17 to 20 of, and Schedules 2 and 2A to, the 2005 Regulations in so far as those provisions relate to—

i

the determination of the amount of payments to beneficiaries,

ii

paying instalments of payments to beneficiaries (including non-payment where the scheme manager decides to suspend payments in accordance with regulation 8 of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 200514), or

iii

receiving information pursuant to notification requirements;

gd

the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005 except—

i

regulation 3(2) (notification following determination of whether or not a scheme is a qualifying pension scheme), and

ii

regulation 8 (suspension of payments) in so far as that regulation provides for the scheme manager to decide to suspend payments or not continue any such suspension;

ge

regulations 3 (notice of a reviewable determination), 14(d) (dealing with matters arising out of a review decision) and 16 (notice of a review decision or a subsequent review decision) of the Financial Assistance Scheme (Internal Review) Regulations 200515;

gf

regulation 23(6) and (8) (taking or refraining from taking such steps as directed by the Ombudsman) of the Financial Assistance Scheme (Appeals) Regulations 200516;

b

in sub-paragraph (h), for the words “paragraphs (a) to (g)” substitute “paragraphs (a) to (gf)”.

18

In paragraph 22(7)(a) of Schedule 5 (accounts), for “the date on which the Board is established” substitute “the date on which the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 come into force”.