Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015.

(2) These Regulations come into force on the day after the day on which they are made.

(3) In these Regulations—

“existing pension scheme” means a multi-employer scheme in respect of which a ring-fenced body is an employer;

“FSMA” means the Financial Services and Markets Act 2000;

“multi-employer scheme” means a relevant pension scheme in respect of which there is more than one employer;

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member of the scheme are allocated to that employer’s or to that member’s section; and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section;

“shared liability arrangement” means an arrangement under which a ring-fenced body—

(a)

provides a guarantee, indemnity or bond in respect of the pension liabilities of any company which, by virtue of regulation 2(2), is not permitted to be an employer with that body in respect of a multi-employer scheme or a section of a segregated scheme; or

(b)

is otherwise, or may otherwise become, liable for the whole or part of the pension liabilities of such a company.