Regulation 56 Closed schemes: Board’s assumption of responsibility after the appointed day
This regulation applies where—
an assessment period in relation to an occupational pension scheme began before the appointed day;
the scheme is authorised (whether before, on or after the appointed day) to continue as a closed scheme under section 153(5) of the 2004 Act (closed schemes);
there is a further assessment period in relation to the scheme; and
the Board assumes responsibility for the scheme in accordance with section 158(1) of the 2004 Act.
Where the conditions specified in paragraph (3) are met, the Board may determine that the liabilities in relation to benefits specified in regulation 53(4) (schemes continuing as closed schemes after an assessment period) which were treated as money purchase benefits are to be treated as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.
The conditions specified in this paragraph are that—
the scheme included any of the benefits specified in regulation 53(4); and
either—
the trustees or managers of the scheme have determined in accordance with regulation 53(2) (schemes continuing as closed schemes after an assessment period) that benefits specified in regulation 53(4) should continue to be treated as money purchase benefits; or
the trustees or managers of the scheme have, in accordance with regulation 53(5)(b), treated those benefits as money purchase benefits in accordance with a determination or a direction made by the Board.