The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2010

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

3.—(1) The Pension Protection Fund (Entry Rules) Regulations 2005(1) are amended as follows.

(2) In regulation 1(5) (interpretation)(2)—

(a) in sub-paragraphs (a) and (b), for “C or D” substitute “C, D or E”,

(b) after sub-paragraph (a)(iv), insert—

“(v) condition E is that—

(aa) there is a restructuring within regulation 6ZB or 6ZC of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: exemptions);

(bb) in that restructuring, the employer was the exiting employer for the purposes of those Regulations (see the definition of “exiting employer” in regulation 2(3A) of those Regulations (interpretation)); and

(cc) regulation 6ZA(3) or (4) of those Regulations (employment-cessation events: general) does not apply in relation to that restructuring;”, and

(c) after sub-paragraph (b)(iv), insert—

“(v) condition E is that—

(aa) there is a restructuring within regulation 6ZB or 6ZC of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: exemptions);

(bb) in that restructuring, the employer was the exiting employer for the purposes of those Regulations (see the definition of “exiting employer” in regulation 2(3A) of those Regulations (interpretation)); and

(cc) regulation 6ZA(3) or (4) of those Regulations (employment-cessation events: general) does not apply in relation to that restructuring.”.

(3) In regulation 2(4) (schemes which are not eligible schemes)(3), after sub-paragraph (d) insert—

“(e) a restructuring within regulation 6ZB or 6ZC of those Regulations.”.

(1)

S.I. 2005/590.

(2)

Regulation 1(5) was substituted by S.I. 2005/2113.

(3)

Regulation 2(4) was substituted by S.I. 2008/731.