# The Pension Protection Fund (Payments to meet Investment Costs) Regulations 2005, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations make provision for the Board of the Pension Protection Fund (“the Board”) to make payments from the Pension Protection Fund (“the Fund”) to fund managers or custodians in relation to contractual liabilities relating to the investment of the Fund. The contracts entered into must be necessary for the prudent management of the Fund.
The Board is required by section 113(4) of the Pensions Act 2004 (c. 35) (“the Act”) to appoint a minimum of two fund managers.
As these Regulations are made before the expiry of the period of six months beginning with the coming into force of the provisions of the Act by virtue of which they are made, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.

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Source: https://www.legislation.gov.uk/uksi/2005/1610/note (the official version)
Page: https://openlegislation.uk/pension-protection-fund-payments-to-meet-investment-costs-regulations-2005/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.