Regulation 14 Application and effectF1

(1)

This regulation applies to a multi-employer section of a segregated scheme the rules of which do not provide for the partial winding up of the section when an employer in relation to the section ceases to participate in the scheme.

(2)

Except as otherwise provided in this Part, in the case of a section of a scheme to which this regulation applies—

(a)

Part 2 of the Act, except Chapter 4 (fraud compensation), shall be read as if it contained the modifications provided for by this Part; and

(b)

references in Part 2 of the Act, except in Chapter 4, to—

(i)

“scheme rules” shall be read as if they were references to “scheme rules relating to the section”;

(ii)

“the scheme” shall be read as if they were references to “the section”;

(iii)

“the employer” shall be read as if they were references to “an employer in relation to the section”; and

(iv)

“trustees or managers of the scheme” shall, in relation to a multi-employer section of a segregated scheme, be read as if they were references to “trustees or managers with ultimate responsibility for the administration of the section”.

(3)

Paragraph (2) shall not have effect in relation to section 174 of the Act (initial levy).

Annotations

Textual amendments

F1: Pt. 3 substituted (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(3)