PART 2 Amendment of the FAS Regulations

6 Amendment of regulation 5
1 In regulation 5 (scheme manager)—
(a) in paragraph (1), for “Secretary of State” substitute “Board of the Pension Protection Fund”; and
(b) for paragraph (2) substitute—

“2 References in these Regulations to the scheme manager are to the Board of the Pension Protection Fund acting in its capacity as manager of the financial assistance scheme.
3 The Secretary of State shall pay a grant to the scheme manager in connection with its functions conferred by these Regulations.
4 The scheme manager may not use the grant paid by the Secretary of State in accordance with paragraph (3) to make any payments which are required to be made to any beneficiary in accordance with these Regulations.”

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2 Omit regulations 5A (functions of the Board of the Pension Protection Fund in relation to the financial assistance scheme), 7 (annual reports) and 8 (delegation).