Regulation 2 Amendment of the Pension Protection Fund (Entry Rules) Regulations 2005

(1)

Amend the Pension Protection Fund (Entry Rules) Regulations 2005^f1 as follows.

(2)

In regulation 2(1) (schemes which are not eligible schemes)—

(a)

after sub-paragraph (f) insert—

“(fa)
a tax registered scheme which, immediately before 6th April 2006, was a former approved superannuation fund within the meaning of paragraph 1(1)(b) of Schedule 36 to the Finance Act 2004 (deemed registration of existing schemes);”;

(b)

for head (i) of sub-paragraph (l) substitute—

“(i)
the provisions of the scheme provide that any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme; or”; and

(c)

for head (i) of sub-paragraph (m) substitute—

“(i)
the provisions of the scheme provide that any decision made by the company in its capacity as trustee is made by the unanimous agreement of the directors of that company who are members of the scheme; or”.

(3)

In paragraph 5(b)^f2 of the Schedule (contents of accounts audited by the auditor of the scheme) for “regulation 12” to the end of that paragraph substitute “regulation 13 of the Occupational Pension Schemes (Investment) Regulations 2005^f3 (investments to which restrictions do not apply) applies”.

Annotations

Footnotes

f1: S.I. 2005/590, amended by S.I. 2005/993, 2113, 2153 and 2224 and 2006/580.
f2: Paragraph 5(b) was amended by S.I. 2006/580.
f3: S.I. 2005/3378. Regulation 13 was amended by S.I. 2006/778.