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The Pension Protection Fund (Entry Rules) Regulations 2005

S.I. 2005/590 · Made 10 March 2005 · Extends to England, Wales and Scotland

Up to date with all changes known to legislation.gov.uk, revised to 4 January 2024.

PENSIONS

Made 10th March 2005

Laid before Parliament 10th March 2005

Coming into force as provided for in regulation 1(2)

The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 120(3) and (4), 121(5), 122(3), (5) and (8), 123(5), 126(1)(b), (3) and (5), 129(1)(b), (3) and (8), 130(5) and (8), 133(3), 134(3)(a)(iii), 135(4), 138(10)(b) and (12), 139(6), 146(1) and (5), 147(1)(a) and (5), 148(8), 150(5) and (6)(a) to (c), 151(4), (6), (8) and (9)(b), 315(2), (4) and (5) and 318(1) and (4)(a) of the Pensions Act 2004 M1, and of all other powers enabling him in that behalf, by this instrument, which contains regulations made before the end of the period of six months beginning with the coming into force of the provisions of the enactment by virtue of which they are made M2, hereby makes the following Regulations:C1C2C3

Annotations to the whole text

Marginal citations

M1

2004 c. 35. Section 318(1) is cited because of the meaning there given to “prescribed” and “regulations”. Sections 122(3), 126(1), 129(1)(b), 134(3), 146(1) and 147(1)(a) are modified in their application to multi-employer schemes by the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441) which also modifies other provisions of Part 2 of the Pensions Act 2004. Sections 129(1), 138(12), 146(1), 147(1)(a) and 151(8) are also modified in their application to partially guaranteed schemes by the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277) which also modifies other provisions of Part 2 of the Pensions Act 2004.

M2

See section 317 of the Pensions Act 2004 which provides that the Secretary of State must consult such persons as he considers appropriate before making regulations by virtue of the provisions of that Act (other than Part 8). This duty does not apply where regulations are made before the end of six months beginning with the coming into force of the provisions of that Act by virtue of which the regulations are made.

Modifications

C1

Instrument applied (with modifications) (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.

C2

Instrument applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C3

Regulations applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5); (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

Contents

  1. 1Citation, commencement and interpretation
  2. 2Schemes which are not eligible schemes
  3. 3Schemes which cease to be eligible schemes
  4. 4Notification of insolvency events in respect of employers
  5. 5Prescribed insolvency events
  6. 5AEuropean insolvency event
  7. 6Circumstances in which insolvency proceedings in relation to the employer are stayed or come to an end
  8. 7Applications and notifications to the Board
  9. 7AApplications and notifications to the Board – multi-employer schemes
  10. 8Applications and notifications to the Board – further provision
  11. 8AApplications and notifications to the Board – further provision for multi-employer schemes
  12. 9Confirmation of scheme status by insolvency practitioner
  13. 10Confirmation of scheme status by Board
  14. 11Confirmation of scheme status by insolvency practitioner – multi-employer schemes
  15. 12Confirmation of scheme status by Board – multi-employer schemes
  16. 13Confirmation of scheme status – binding notices
  17. 14Contributions to schemes
  18. 15Directions
  19. 16Restrictions on winding up, discharge of liabilities etc
  20. 17Payment of scheme benefits
  21. 17AException to section 138(2A)
  22. 18Loans to pay scheme benefits
  23. 19Withdrawal following issue of section 122(4) notice
  24. 20Consequences of the Board ceasing to be involved with a scheme
  25. 21Refusal to assume responsibility – schemes which become eligible schemes
  26. 22Refusal to assume responsibility – new schemes created to replace existing schemes
  27. 23Form and content of withdrawal notices issued under sections 146 and 147 of the Act
  28. 24Applications for reconsideration
  29. 25Form and content of audited scheme accounts
  30. Signature
  31. Schedule: CONTENTS OF ACCOUNTS AUDITED BY THE AUDITOR OF THE SCHEME
  32. 1Paragraph 1
  33. 2Paragraph 2
  34. 3Paragraph 3
  35. 4Paragraph 4
  36. 5Paragraph 5
  37. 6Paragraph 6
  38. 7Paragraph 7
  39. 8Paragraph 8
  40. Explanatory note