Regulation 21 DirectionsF1

Section 134 of the Act (directions) shall be modified in its application to a section of a scheme to which regulation 14 applies so that it shall be read as if—

(a)

in subsection (2)—

(i)

for the words “the scheme’s protected liabilities do not exceed its assets”, there were substituted the words “the protected liabilities of the section do not exceed its assets”; and

(ii)

for the words “in relation to the scheme”, there were substituted the words “in relation to the segregated scheme in question”; and

(b)

in paragraph (a)(i) of subsection (3), for the words “the trustees or managers” there were substituted the words “any trustees or managers”.

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)