Regulation 4 Amendment of the Contracting-out Regulations - Great Britain

in regulation 51 (contributions equivalent premiums), after paragraph (1)^f2, insert—

“(1ZA)

But where a contributions equivalent premium is payable by the Board of the Pension Protection Fund, the prescribed person for the purposes of section 55(2) of the 1993 Act is the Board of the Pension Protection Fund.

(1ZB)

In this Part, where paragraph (1ZA) applies—

(a)

except in regulation 52(1), references to “the trustees of the scheme”, “the trustees” or “the trustees of a scheme” shall be read as references to “the Board of the Pension Protection Fund”; and

(b)

references to “the resources of the scheme” shall be read as references to “the Pension Protection Fund being the Pension Protection Fund specified in section 173(1) of the 2004 Act (Pension Protection Fund)”.”; and

in regulation 52 (payment of a contributions equivalent premium), after paragraph (1)^f3, insert—

“(1ZA)

But where regulation 51(1ZA) applies, the Board of the Pension Protection Fund shall pay the contributions equivalent premium on or before whichever is the later of the following days—

(a)

the day 6 months after the date the assessment period (construed in accordance with section 132 of the 2004 Act) ended; or

(b)

the day one month after the day on which Her Majesty’s Revenue and Customs^f4 sends to the person liable to pay the contributions equivalent premium a notice certifying the amount of the premium payable.”.