# The Pension Protection Fund (Prescribed Payments and Investment Costs – Amendment) Regulations 2011, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Pension Protection Fund (Prescribed Payments) Regulations 2008 (S.I. 2008/664) (“the 2008 Regulations”) – regulation 2. They also revoke the Pension Protection Fund (Payments to meet Investment Costs) Regulations 2005 (S.I. 2005/1610) (“the 2005 Regulations”) – regulation 3. The provisions which were in the 2005 Regulations are included in the new provisions introduced by these Regulations into the 2008 Regulations.
The Board of the Pension Protection Fund (“the Board”) spends money in connection with recovering debts due from employers to the Board and to occupational pension schemes. The Board also spends money in connection with investing those recovered debts and other amounts it is responsible for.
These Regulations provide that these expenditures are to be funded out of the Pension Protection Fund (“the Fund”) rather than out of the administration levy. The funding for the Fund comes from several sources, in particular the pension protection levy under section 175 of the Pensions Act 2004 (c.35).
The expenditure which is charged to the Fund includes any activities of the Board which are related to the recoveries or investment. This includes any incidental expenditure and any expenditure which is conducive to, or helps to facilitate, those activities.
These Regulations also provide that expenditure of the Board in relation to UK property, rights and liabilities is to be paid from the Fund.
A full impact assessment has not been prepared for this instrument as it has no impact on business or civil society organisations.

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Source: https://www.legislation.gov.uk/uksi/2011/671/note (the official version)
Page: https://openlegislation.uk/pension-protection-fund-prescribed-payments-and-investment-costs-amendment-regulations-2011/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.