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Regulation 3 Information to be provided by the Board

(1)

In this regulation—

  • “insolvency event” shall be construed in accordance with section 121;

  • “qualifying insolvency event” shall be construed in accordance with section 127 (duty to assume responsibility for schemes following insolvency event); and

  • “segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

    1. (a)

      any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer's or that member's section; and

    2. (b)

      a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(2)

Where the Board receives a notice under section 120(2) (duty to notify insolvency events in respect of employers) from an insolvency practitioner that an insolvency event has occurred in relation to an employer, and—

(a)

the scheme to which the notice relates is an eligible scheme; or

(b)

in the case of a multi-employer scheme which is a segregated scheme, the section to which the notice relates is an eligible section,

it shall, F1within the period specified in paragraph (12), provide that insolvency practitioner, the Regulator, and the trustees or managers of that scheme or section with the information described in paragraph (3).

F2(2A)

This paragraph applies where the Board receives a notice under section 120(2) from an insolvency practitioner that an insolvency event has occurred in relation to an employer, and—

(a)

the scheme to which the notice relates is not an eligible scheme; or

(b)

the section of the segregated scheme to which the notice relates is not an eligible section.

(2B)

Where paragraph (2A) applies the Board shall within the period specified in paragraph (12) inform—

(a)

the Regulator;

(b)

the trustees or managers of that scheme or section of a segregated scheme; and

(c)

that insolvency practitioner,

that the scheme is not an eligible scheme or, as the case may be, the section is not an eligible section.

(3)

The information to be provided under paragraph (2) is—

(a)

where the insolvency event is not a qualifying insolvency event, that the insolvency event is not such an insolvency event; or

(b)

where the insolvency event is a qualifying insolvency event, that the insolvency event is such an insolvency event and the date on which the assessment period began.

(4)

Where the Board—

(a)

receives, during the assessment period, an application for a loan from the trustees or managers of a scheme under section 139(2) (loans to pay scheme benefits); and

(b)

decides whether or not it will make a loan to those trustees or managers,

it shall within the period of 14 days beginning with the day on which it made its decision notify those trustees or managers of its decision, of the amount that it considers appropriate to lend and of the terms on which it will make the loan.

(5)

Where a person is authorised by the Board for the purposes of these Regulations as mentioned in section 190(1)(b)(ii) (information to be provided to the Board etc) in relation to a scheme, the Board shall, within 14 days of making that authorisation, notify the identity of the person so authorised to—

(a)

the trustees or managers of that scheme;

(b)

the employer in respect of that scheme; and

(c)

the insolvency practitioner in relation to that employer.

(6)

Where the Board has given the trustees or managers of a scheme a transfer notice, the information to be provided by the Board to members and beneficiaries of that scheme shall be determined in accordance with the provisions of Schedule 1.

F3(7)

Where an application for fraud compensation payments has been made by a person prescribed by regulation 5 (applications) of the Fraud Compensation Regulations (“the applicant”) the information to be provided by the Board to the applicant and the trustees or managers of the scheme shall be determined in accordance with the provisions of Schedule 1A.

(8)

Where the Board is exercising the functions of the Pensions Compensation Board and an application for compensation payments has been made by a person prescribed by regulation 4 (applications) of the Compensation Regulations (“the applicant”) the information to be provided by the Board to the applicant and the trustees or managers of the scheme shall be determined in accordance with the provisions of Schedule 1A.

F4(9)

Where the Board receives—

(a)

an application under section 129(1) (applications and notifications for the purposes of section 128) from the trustees or managers; or

(b)

a notice under section 129(4) from the Regulator,

it shall provide the information specified in paragraph (10) to the persons specified in paragraph (11) within the period specified in paragraph (12).

(10)

The information to be provided under paragraph (9) is—

(a)

where the scheme is not an eligible scheme, that the scheme is not such a scheme;

(b)

where the scheme is an eligible scheme, that the scheme is such a scheme and the date on which the assessment period began;

(c)

where the section of the segregated scheme to which the application or, as the case may be, the notice relates is not an eligible section, that the section of the segregated scheme is not such a section; or

(d)

where the section of the segregated scheme to which the application or, as the case may be, the notice relates is an eligible section, that the section of the segregated scheme is such a section and the date on which the assessment period began.

(11)

The persons specified in this paragraph are—

(a)

the Regulator;

(b)

the trustees or managers of that scheme or section of a segregated scheme;

(c)

the employer who is the employer in relation to that scheme or section of a segregated scheme; and

(d)

the insolvency practitioner in relation to that employer.

(12)

The Board shall provide the information specified in paragraph (3) or (10) within the period of 28 days beginning with—

(a)

the date it receives the notice under section 120(2);

(b)

the date it receives the application under section 129(1);

(c)

the date it receives the notice under section 129(4);

(d)

where the Board requires the—

(i)

i)Regulator,

(ii)

insolvency practitioner, or

(iii)

trustees or managers,

to produce a document or provide information in connection with a notice given under section 120(2) or 129(4) or, as the case may be, an application under section 129(1), the date on which the document is produced to, or the information received by, either the Board or a person authorised by the Board for the purposes of section 191(2)(b) (notices requiring provision of information); or

(e)

where a person is required to produce a document or provide information in connection with a notice given under section 191(1), the date on which the document is produced to, or the information received by, either the Board or a person authorised by the Board for the purposes of section 191(2)(b).

(13)

This regulation does not impose any duty on the Board to provide any information to the trustees or managers of a scheme where the address of the trustees or managers has not been provided by the person who referred the notice or application to the Board.

Annotations

Textual amendments

F1

Words in reg. 3(2) substituted (6.4.2006) by Pension Protection Fund (Provision of Information) (Amendment) Regulations 2006 (S.I. 2006/595), regs. 1(1), 2(2)

F2

Reg. 3(2A) - Reg. 3(2B) inserted (6.4.2006) by Pension Protection Fund (Provision of Information) (Amendment) Regulations 2006 (S.I. 2006/595), regs. 1(1), 2(3)

F3

Reg. 3(7) - Reg. 3(8) added (1.9.2005) by The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2184), regs. 1(1), 23(3)

F4

Reg. 3(9)-(13) added (6.4.2006) by Pension Protection Fund (Provision of Information) (Amendment) Regulations 2006 (S.I. 2006/595), regs. 1(1), 2(4)