Regulation 48 Duty to assume responsibility for schemes

United Kingdom

(1)

Section 127 of the Act (duty to assume responsibility for schemes following insolvency event) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if, after the words “at the relevant time” in paragraph (a) of subsection (2), there were inserted the words “ as determined by the Board's valuation of the scheme under section 143, was less than the amount of the protected liabilities of that part as determined by that valuation ”.

(2)

Section 128 of the Act (duty to assume responsibility for schemes following application or notification) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if, after the words F1... “at the relevant time” in paragraph (a) of subsection (2), there were inserted the words “ as determined by the Board's valuation of the scheme under section 143, was less than the amount of the protected liabilities of that part as determined by that valuation ”.

(3)

Section 129 of the Act (applications and notifications for the purposes of section 128) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if—

(a)

after subsection (1), there were inserted the following subsection—

“(1A)
Where the trustees or managers of a segregated part of a non-segregated scheme make an application to the Board under subsection (1), they must issue a notice to that effect as soon as practicable to all the employers in relation to the scheme.”; and

(b)

after subsection (5), there were inserted the following subsection—

“(5A)
Where the trustees or managers of a segregated part of a non-segregated scheme receive a notice from the Board under subsection (5), they must send a copy of that notice as soon as practicable to all the employers in relation to the scheme.”.

Annotations

Textual amendments

F1: Word in reg. 48(2) omitted (1.4.2005) by virtue of The Occupational Pension Schemes and Pension Protection Fund (Amendment) Regulations 2005 (S.I. 2005/993), regs. 1(1), 5(6)(b)