Regulation 2 Amendment of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

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

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)^f2;

(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)^f3); and

(cc)

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

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.”.