Regulation 5 Scheme manager

United Kingdom

(1)

The financial assistance scheme established by these Regulations shall be managed by the F1Board of the Pension Protection Fund.

F2(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.

Annotations

Textual amendments

F1: Words in reg. 5(1) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 6(1)(a) (with reg. 37)
F2: Reg. 5(2)-(4) substituted for reg. 5(2) (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 6(1)(b) (with reg. 37)