Fraud compensationI1I223

I11

This paragraph applies to a scheme when all the following conditions are met—

a

the scheme has been authorised by the Regulator under section 5 of the Act;

b

there are one or more scheme funders and a triggering event within item 4 or 5 of the table in section 21(6) of the Act has occurred in relation to every scheme funder;

c

the scheme is pursuing continuity option 1; and

d

the trustees have submitted the implementation strategy to the Regulator.

2

Where paragraph (1) applies, the following enactments have effect in relation to the scheme with the following modifications—

I1a

in the 2004 Act, omit—

i

section 182(1)(c), (2) to (4), 6(a), (8) and (9) (insolvency of employers);

ii

the words “the later of” in section 182(6);

iii

the definition of “relevant event” in section 182(10);

iv

section 183 (board’s duties where employer unlikely to continue as a going concern);

v

section 185(5)(d) (board’s duty to give notice to the insolvency practitioner or the employer) and the “and” before it;

vi

paragraph 21 of Schedule 9 (issue of a notice under section 183);

b

in the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 200526—

I2i

omit regulation 2(1)(ka)27;

I2ii

in regulation 2(2), for “(ka)” substitute “(k)”;

iii

in regulation 5(3)—

aa

in sub-paragraph (c), for “employer” substitute “each scheme funder (as defined in section 39(1) of the Pension Schemes Act 2017)”;

bb

for sub-paragraph (e), substitute—

e

the date the triggering event (as defined in section 39(1) of the Pension Schemes Act 2017) occurred;

F1c

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